Nigeria's Inflation Rate Declines for Third Consecutive Month, Now at 15.39%

Nigeria's inflation rate has recorded a notable decline for the third consecutive month, with the headline inflation rate falling to 15.39% in August 2026, down from 15.43% in July 2026. The National Bureau of Statistics (NBS) released these figures in its Consumer Price Index (CPI) report, indicating a positive trend for the country's economy as it grapples with rising prices.

The report highlights that the core inflation rate also eased, decreasing to 13.29% in August from 14.97% in the previous month. This suggests that the underlying factors contributing to inflation are stabilizing, which could provide some relief to consumers facing increasing costs for goods and services.

On a month-on-month basis, the inflation rate showed a slower growth rate of 0.71%, a decrease from the 1.57% recorded in July. This indicates that while prices are still rising, the pace of this increase is slowing down, providing a glimmer of hope for economic stability.

“In August 2026, the Headline inflation rate stood at 15.39 percent, down from 15.43 percent in July 2026,” NBS stated.

Food inflation also saw a significant decline, dropping by 0.74 percentage points to 19.57% in August from 20.31% in July. The decrease in food prices, attributed to changes in the costs of essential commodities such as palm oil, suggests that consumers may experience a slight easing in their household expenditures.