Nigeria's Inflation Slightly Decreases to 15.39% in August

The National Bureau of Statistics (NBS) released the consumer price index (CPI) report for August 2026, showing a slight decrease in headline inflation from 15.43% in July to 15.39%. Month-on-month inflation fell from 1.57% to 0.71%.

Core inflation, excluding volatile farm produce and energy prices, stood at 13% year-on-year, with a minor decrease of 0.06% month-on-month. Despite these improvements, food inflation remains a significant concern at 19.57%, rising by 1.79% month-on-month.

The divergence between urban and rural inflation suggests that lower-income households may not benefit from the overall decline in inflation. The report indicates that the ongoing Gulf war will continue to exert upward pressure on domestic prices, particularly energy costs.

The NBS emphasizes the need for targeted social protection and improved food security interventions to address these challenges, as food and non-alcoholic beverages contributed 6.16 percentage points to annual headline inflation.