Nigeria's Inflation Rate Drops to 15.39% in August 2026

Nigeria's headline inflation rate eased to 15.39% in August 2026, a slight decline from 15.43% in July and a significant drop from 23.14% in August 2025, as reported by the National Bureau of Statistics (NBS). The Consumer Price Index rose to 146.3 points in August from 145.3 points in July.

Month-on-month inflation slowed to 0.71% in August from 1.57% in July. Food and non-alcoholic beverages were the largest contributors to annual inflation, accounting for 6.16 percentage points, with food inflation at 19.57% year-on-year, down from 25.30% in 2025.

The Organised Private Sector, represented by Dr. Muda Yusuf, described the decline as minimal, warning that rising energy costs and the ongoing Middle East crisis could exacerbate inflationary pressures. Yusuf noted that while the stability of the foreign exchange market may have aided the moderation, the overall situation remains precarious.