The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate moderated to 15.39% in August 2026, down from 15.43% in July 2026 and stood at 23.14% in the same month of the preceding year (August 2025).
The statistics agency in its ‘Consumer Price Index August 2026’ report published today indicated that e August 2026 Headline inflation rate showed a decrease of 0.04% month-on-month (M-o-M).
It clarified that on a month-on-month basis, the Headline inflation rate in August 2026 was 0.71%, which was 0.86% lower than the 1.57% rate recorded in the preceding month, implying that in the month under review, the rate of increase in the average price level was lower than the rate of increase in the average price level in July 2026.
The statistics agency reported that the percentage change in the average CPI for the twelve months ending August 2026 over the average for the previous twelve-month period was 16.30%, showing a 12.02% decrease compared to 28.32% recorded in August 2025.
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According to the report, on a year-on-year (Y-o-Y) basis, in August 2026, the Urban inflation rate was 15.88% while on a (M-o-M). basis, the Urban inflation rate was 0.28%, down by 1.62% compared to 1.90% reported in July 2026.
The NBS clarified that when analyzed on a (Y-o-Y) basis the Urban inflation rate was 16.28% in August 2026, representing 13.45% points lower compared to the 29.73% reported in August 2025.
A further analysis of the CPI data showed that the Rural inflation rate in August 2026 was 14.23% on a (Y-o-Y) basis but that on a (M-o-M) basis, the Rural inflation rate in the month under review was 1.79%, up by 1.01% compared to 0.78% in July 2026
The statistics agency reported that the corresponding twelve-month average for the Rural inflation rate in August 2026 was 16.02%, which was lower by 10.45% points compared to the 26.47% recorded in the corresponding month of last year.
According to the report, the Food inflation rate in August 2026 stood at 19.57% on a (Y-o-Y) basis and stood at 25.30% in the same month of the preceding year
The NBS clarified, however, that on a (M-o-M) basis, the Food inflation rate in August 2026 was 1.02%, down by 4.55% points from July 2026 (5.56%), indicating that the average prices of food items are increasing at a decreasing rate in August 2026.
It attributed the decline in the rate mainly to changes in the average prices of Palm Oil, Carrots, Pepper, Onions, Cassava Flour, Beef, Yam Flour, Water Yam, Melon (Egusi), Fresh Ginger Fresh Fish, Irish Potatoes, Wheat Grain, Frozen Chicken, Turkey Meat, Yam Flour, among others.
The report further reflected that the average annual rate of Food inflation for the twelve months ending August 2026 over the previous twelve-month average was 15.70%, which was 14.15% points lower compared with the average annual rate of change recorded in August 2025 (29.86%).
On the “All items less farm produces and energy” or Core inflation, which excludes the prices of vola tile agricultural produces and energy, the report revealed that inflation stood at 13.29% in August 2026 on a year-on-year basis, representing a decline of 9.64% when compared to the 22.93% recorded in August 2025, and that a (M-o-M) basis, the Core Inflation rate was -0.06% in August 2026, down by 0.21% compared to July 2026 (0.15%).
The report showed that the average twelve-month annual inflation rate was 17.30% for the twelve months ending August 2026, which was 8.85% points lower than the 26.15% recorded in August 2025.
The Bureau further clarified: “The All-Items inflation rate on a Year-on-Year basis was highest in Lagos (23.68%), Zamfara (22.56%), and Enugu (22.06%), while Sokoto (2.11%), Kebbi (3.72%) and Jigawa (3.81%) recorded the lowest rise in Headline inflation on a Year-on-Year basis.
“On a Month-on-Month basis, however, August 2026 recorded the highest increases in Rivers (6.92%), Osun (5.61%) and Kano (5.59%), while Anambra (-8.83%), Bauchi (-7.13%), and Borno (-7.09%) recorded the lowest rise in the Month-on-Month inflation.
“Food inflation on a Year-on-Year basis was highest in Adamawa (38.85%), Zamfara (37.96%), and Bayelsa (36.20%), while Borno (-4.04%), Jigawa (-0.23%) and Kebbi (3.47%) recorded the slowest rise in Food inflation on a Year-on-Year basis.
“On a Month-on-Month basis, however, August 2026 Food inflation was highest in Katsina (9.48%), Rivers (8.86%) and Osun (8.32%), while Taraba (-12.42%), Borno (-12.15%), and Bauchi (-8.88%) recorded the slowest rise in Food inflation on a Month-on-Month basis”, the statistics agency added.
