By Anthony Otaru, Abuja
Nigeria’s headline inflation eased to 15.39 per cent in August 2026, according to the National Bureau of Statistics (NBS).
The NBS in its latest Consumer Price Index (CPI) figures for August 2026 said the development followed the completion of the recent rebasing exercise which centred on a new CPI base year of 2024 and a weight reference period of 2023.
It noted that the Consumer Price Index (CPI) increased to 146.3 in August 2026 and reflects a 1.0-point increase from the preceding month.
Prince Adeyemi Adeniran , Statistician General of the Federation in statement said the month-on-month headline inflation rate in August 2026 was 0.71 per cent with 0.86 per cent ower than the rate recorded in July 2026 (1.57 per cent.).
This shows that the average prices of items are increasing at a decreasing rate in August 2026.
The latest report also reveals that the three major contributors to the headline inflation were Food and non-alcoholic Beverages: 6.16 per cent, Restaurants & Accommodation Services: 1.99 per cent and Transport: 1.64 per cent; while the least contributors were Recreation, Sport, and Culture: 0.05 per cent, Alcoholic Beverages, Tobacco, and Narcotics: 0.06 per cent, and Insurance and Financial Services: 0.07 per cent
The report further said the Food inflation rate in August 2026 was 19.57 percent on a year-on-year basis, lower than 25.30 per cent recorded in August 2025. Also, on a month-on-month basis, the Food Inflation rate in August 2026 was 1.02 percent, down by 4.55 per cent points from July 2026 (5.56 per cent).
This shows that the average prices of food items are increasing at a decreasing rate in August 2026.even as the decline in the rate can be attributed 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.
Core Inflation, which excludes the prices of volatile agricultural produce and energy, stood at 13.29 per cent in August 2026 on a year-on-year basis. On a month-on-month basis, the core inflation rate was -0.06 per cent in August 2026, down by 0.21 per cent compared to July 2026 (0.15 per cent ).
The inflation rate of the sub-indices for August 2026 shows that the monthly change recorded were Farm Produce (1.35 per cent ), Energy (-0.36 per cent ), Services (0.12 per cent ] , Goods (0.45 per cent) and Imported Food (0.91 per cent ).
Meanwhile, the inflation rate on a year-on-year basis recorded were as follows; Farm Produce (21.52 per cent ), Energy (4.69 per cent] Services (15.38 per cent), Goods (14.74 per cent) and Imported Food (12.82 per cent).
Urban and Rural Inflation Rates:
On a year-on-year basis, the urban inflation rate in August 2026 was 15.88 per cent. On a month-on-month basis, the urban inflation rate was 0.28 per cent in August 2026, down by 1.62 per cent compared to July 2026 (1.90 per cent).
The rural inflation rate in August 2026 was 14.23 per cent on a year-on-year basis. On a month-on-month basis, the rural inflation rate in August 2026 was 1.79 per cent, up by 1.01 percent compared to July 2026 (0.78 per cent).
State-Level Analyses:
In analysing price movements under this section, it should be noted that CPI is weighted by consumption expenditure patterns that differ across States and locations. Accordingly, the weight assigned to a particular Food or Non-Food item may differ from State to State making interstate comparisons of consumption basket inadvisable and potentially misleading.
All Items Inflation:
In August 2026, the All-Items inflation rate on a Year-on-Year basis was highest in Lagos (23.68 per cent), Zamfara (22.56 per cent], and Enugu (22.06 per cent), while Sokoto (2.11 per cent] , Kebbi (3.72 per cent) and Jigawa (3.81 per cent) 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 per cent), Osun (5.61 per cent) and Kano (5.59 per cent), while Anambra (-8.83 per cent) , Bauchi (-7.13 per cent), and Borno (-7.09 per cent) recorded the lowest rise in the Month-on-Month inflation.
Food Inflation:
In August 2026, Food inflation on a Year-on-Year basis was highest in Adamawa (38.85 per cent ), Zamfara (37.96 per cent), and Bayelsa (36.20 per cent] , while Borno (-4.04 percent ), Jigawa (-0.23 per cent ) and Kebbi (3.47 per cent] 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 per cent ), Rivers (8.86 per cent ) and Osun (8.32 per cent), while Taraba (-12.42 per cent ), Borno (-12.15 per cent), and Bauchi (-8.88 per cent ) recorded the slowest rise in Food inflation on a Month-on-Month basis.
