Nigeria’s energy inflation rose to 4.69 per cent in August 2026 from 4.40 per cent in July, even as headline inflation slowed to 15.39 per cent during the month.
The increase represents a 0.29 percentage-point rise in the annual change in energy prices, according to the August Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS).
The latest figure reversed the decline recorded in July, when energy inflation fell to its lowest level of the year.
Despite the increase in energy inflation, Nigeria’s headline inflation rate declined marginally from 15.43 per cent in July to 15.39 per cent in August, extending the disinflation trend for a third consecutive month.
Energy Inflation Fluctuates
NBS data shows that energy inflation has moved unevenly since the beginning of 2026.
Energy inflation stood at 11.17 per cent in January before rising to 12.90 per cent in February, its highest level between January and August.
It subsequently declined to 9.90 per cent in March and 4.60 per cent in April.
The rate rose to 5.73 per cent in May before increasing sharply to 9.90 per cent in June.
It then fell to 4.40 per cent in July before increasing to 4.69 per cent in August.
The August figure was 0.09 percentage points higher than the 4.60 per cent recorded in April, making it the third-lowest energy inflation rate recorded during the first eight months of the year.
Energy Costs Remain A Major Concern
The increase comes despite the broader moderation in inflation and highlights the continued pressure energy costs place on Nigerian households and businesses.
The Central Bank of Nigeria’s latest Inflation Expectations Survey showed that energy costs remained the largest contributor to inflation perceptions among both firms and households in July.
The survey showed that 60.9 per cent of firms reported increased expenditure as a result of inflation, while 55.9 per cent of households reported similar increases.
Energy costs, including premium motor spirit, diesel, and electricity, recorded an inflation perception score of 74.1 points among firms.
The corresponding score among households was 61.9 points.
