Nigeria's inflation rate edges down to 15.39% in August

Nigeria's inflation rate inched lower in August, according to data released by the National Bureau of Statistics. The headline inflation figure settled at 15.39%, a slight decrease from the 15.43% recorded in July.

This marks a substantial pullback from August 2025, when inflation stood at 23.14%, indicating year-on-year moderation in price pressures across the economy. The pace of price increases slowed when measured on a monthly basis.

In August, the month-on-month inflation rate declined to 0.71%, dropping 0.86 percentage points from July's 1.57%. This deceleration signals that the average price of goods and services rose at a gentler rate during the month compared to the previous month.

Food inflation, a key concern for Nigerian households, fell to 19.57% in August, reflecting softer pricing across various food items. The Organised Private Sector cautioned that the marginal nature of the overall decline should not be mistaken for substantial economic relief.

The private sector flagged energy prices as an emerging threat that could reverse the inflation-easing trend. The data prompted analysis ahead of the Central Bank of Nigeria's Monetary Policy Committee meeting scheduled for late September.

Some economists noted that core inflation turned negative in the month and food inflation reversed its steep climb from July, suggesting the monthly picture showed more significant shifts than the headline figure alone indicates. The Central Bank faces decisions on interest rates as it weighs the latest inflation trajectory against its broader policy objectives.