Nigeria Inflation Falls to 15.39% as Food Prices Still Rise, What the Latest NBS Data Means

Nigeria’s headline inflation rate has continued to slow, falling from 15.43 per cent in July to 15.39 per cent in August 2026. The latest figures from the National Bureau of Statistics (NBS) show another month of easing price pressures, but the numbers do not mean Nigerians are suddenly paying less for food and other essentials.

The bigger story is the difference between the Nigeria inflation rate and the prices households actually face.

Inflation Is Slowing, But Prices Are Not Falling

The August data show that headline inflation fell by just 0.04 percentage points from July. More importantly, month-on-month inflation dropped from 1.57 per cent in July to 0.71 per cent in August.

This means prices continued to increase, but they increased at a slower pace. The Consumer Price Index itself rose from 145.3 points in July to 146.3 points in August.

That distinction is important for households. A lower inflation rate does not reverse previous price increases. It only means the pace at which prices are rising has slowed.

What Happened to Food Inflation?

Food prices provide an even clearer picture. In July, monthly food inflation jumped to 5.56 per cent from 3.75 per cent in June. That sharp increase affected items including rice, tomatoes, onions, pepper, garri, plantain, beef and eggs.

By August, however, the situation changed significantly. Monthly food inflation fell to 1.02 per cent, while year-on-year food inflation dropped to 19.57 per cent from 20.31 per cent in July. The NBS attributed the moderation to changes in the average prices of several food items.

So the latest Nigeria food inflation August 2026 figures do not show another acceleration. They show that the sharp July increase was followed by a much slower rise in August.

Why Nigerians May Still Feel the Pressure

Food and non-alcoholic beverages remained the largest contributor to annual headline inflation, accounting for 6.16 percentage points.

The pressure is also uneven across the country. Adamawa recorded the highest year-on-year food inflation rate in August at 38.85 per cent, followed by Zamfara at 37.96 per cent and Bayelsa at 36.20 per cent.

For consumers, the next few inflation reports will therefore matter more than one monthly improvement. If food inflation continues to slow, households could eventually see more stability in food prices. If it rises again, the gap between official inflation data and the cost of everyday living could remain a major concern.