Nigeria’s Inflation Eases to 20.12% in August as Food Prices Retreat

Nigeria’s headline inflation eased to 20.12% in August 2025, down from 21.88% in July, according to the latest data from the National Bureau of Statistics (NBS).

This represents a 1.76 percentage point drop and marks a significant slowdown from 32.15% recorded in August 2024, partly due to the adoption of a new statistical base year (November 2009 = 100).

On a month-on-month (MoM) basis, inflation rose by 0.74%, a much slower pace compared to 1.99% in July, while the Consumer Price Index (CPI) edged up to 126.8 points in August from 125.9 in July.

The twelve-month average inflation rate moderated to 24.66%, down from 31.26% in the same period last year.

Food Prices Show Noticeable Relief

Food inflation stood at 21.87% year-on-year in August, down sharply from 37.52% in August 2024.

While the steep decline reflects the technical impact of the new base year, analysts note that price relief was also visible in staples such as imported and local rice, guinea corn, millet, maize flour, semolina, and soya milk.

On a monthly basis, food inflation slowed to 1.65% from 3.12% in July, signaling a reduced pace of increases. The twelve-month average food inflation also eased to 25.75%, compared to 36.99% a year earlier.

Core Inflation Trends

Core inflation, whiach excludes volatile agricultural produce and energy, recorded 20.33% year-on-year in August, down from 27.58% in August 2024. On a monthly basis, however, core prices rose by 1.43%, compared to 1.97% in July.

State-by-State Inflation

Ekiti (28.17%), Kano (27.27%), and Oyo (26.58%) recorded the highest year-on-year inflation rates in August, while Zamfara (11.82%), Anambra (14.16%), and Enugu (14.20%) saw the lowest increases.

On a monthly basis, Yobe (9.20%), Katsina (8.59%), and Sokoto (6.57%) recorded the steepest rises, while Enugu (-5.32%), Taraba (-3.64%), and Nasarawa (-3.56%) posted declines.