Nigeria's Food Inflation Drops to 19.57% in August 2026

Nigeria's food inflation rate fell to 19.57% in August 2026, representing the first decline in six months and ending a streak of five consecutive monthly increases. According to the National Bureau of Statistics (NBS), this rate is a 0.74 percentage-point decrease from the 20.31% recorded in July 2026 and 5.73 percentage points lower than the 25.30% in August 2025.

The decline in food inflation follows a steady rise that began in March, with rates increasing from 8.89% in January to 20.31% in July before easing in August. Month-on-month, food inflation dropped to 1.02% in August from 5.56% in July, indicating a slower pace of price increases.

The slowdown was attributed to changes in the average prices of several food items, including palm oil, beef, and fresh fish. Despite the decline, food remained the largest contributor to Nigeria's overall inflation, which eased slightly to 15.39% in August from 15.43% in July.