Nigeria's Inflation Drops to 15.39% in August 2023

The National Bureau of Statistics (NBS) reported that Nigeria's Consumer Price Index (CPI) eased to 15.39% in August 2023, down from 15.43% in July 2023. This marks a significant slowdown in month-on-month price increases, remaining below the 23.14% recorded in August 2025.

Month-on-month headline inflation fell to 0.71% in August from 1.57% in July. Food inflation decreased to 19.57% year-on-year in August, down from 25.30% in August 2025, with a month-on-month decline in the food index to 1.02%.

The NBS attributed this slowdown to changes in average prices of various food items, including palm oil, carrots, and fresh fish. Food and non-alcoholic beverages were the largest contributors to inflation at 6.16%, followed by restaurants and accommodation services at 1.99%.

Core inflation, excluding volatile items, stood at 13.29% year-on-year, with a monthly rate of -0.06%. Urban inflation was recorded at 15.88%, while rural inflation was lower at 14.23%.