Nigeria’s headline inflation rate declined for the second consecutive month, settling at 15.39% in August 2026 compared to 15.43% in July, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics on Tuesday.
The August figure represents a sharp drop from the 23.14% recorded in the same month of 2025, underscoring a continued cooling trend in the nation’s price levels.
Data from the report showed the headline inflation rate fell by 0.04 percentage points from July’s figure.
On a month-on-month basis, prices rose by 0.71% in August, a notable slowdown from the 1.57% recorded in July, indicating that the pace at which average prices are climbing has eased.
The twelve-month average change in the CPI stood at 16.30% for the period ending August 2026, marking a 12.02 percentage point decrease from the 28.32% recorded in August 2025.
Urban inflation came in at 15.88% year-on-year in August. Month-on-month, urban prices rose by 0.28%, down significantly from 1.90% in July.
The twelve-month average urban inflation rate was 16.28%, a 13.45 percentage point drop from 29.73% a year earlier.
Rural inflation, meanwhile, stood at 14.23% year-on-year. On a month-on-month basis, however, rural prices rose by 1.79%, up from 0.78% in July. The twelve-month average rural inflation rate was 16.02%, down 10.45 percentage points from 26.47% recorded in August 2025.
Food inflation stood at 19.57% year-on-year in August, well below the 25.30% recorded in August 2025. Month-on-month, food prices rose by 1.02%, a steep decline from 5.56% in July, suggesting food prices are still rising but at a much slower pace.
The NBS attributed the slowdown largely to price changes in palm oil, carrots, pepper, onions, cassava flour, beef, yam flour, water yam, melon (egusi), fresh ginger, fresh fish, Irish potatoes, wheat grain, frozen chicken and turkey meat, among other items.
The twelve-month average food inflation rate was 15.70%, down 14.15 percentage points from 29.86% recorded a year earlier.
Core inflation, which strips out volatile agricultural produce and energy costs, stood at 13.29% year-on-year in August, a decline of 9.64 percentage points from 22.93% in August 2025.
Month-on-month, core inflation was negative 0.06%, compared to 0.15% in July.
The twelve-month average core inflation rate stood at 17.30%, down 8.85 percentage points from 26.15% recorded in the same period last year.
