Nigeria's Inflation Rate Falls to 20.12% in August, Food Prices Decline

Nigeria's inflation rate dropped to 20.12% in August, as reported by the National Bureau of Statistics (NBS). The Consumer Price Index (CPI) showed a decrease from the previous month, with food inflation also declining.

The NBS attributed the drop in food inflation to changes in the base year and a reduction in the prices of essential food items like rice, corn, and flour. Minister of Finance Wale Edun suspended a 4% levy imposed by the Nigeria Customs Service on imported goods to ease the financial burden on businesses and promote trade facilitation.

The annual average food inflation rate for the 12 months ending August 2025 decreased compared to the previous year.