Nigeria Inflation Rate Cools Down for 3rd Month

2026-09-15 14:18 By Luisa Carvalho 1 min. read

The annual inflation rate in Nigeria eased slightly to 15.39% in August 2026 from 15.43% in July, marking the lowest since March and the third straight month of slowdown.

The relative strength of the naira provided support.

Food inflation, the largest component of the inflation basket, fell to 19.57% from 20.31% in July, marking the first monthly decline in seven months.

Price growth also softened for other CPI items, particularly transportation (12% vs 15.5% in July); restaurants & hotels (18.6% vs 21.8%); miscellaneous goods & services (12.7% vs 15.6%) and clothing & footwear (1.9% vs 4%).

Conversely, prices picked up for housing & utilities (16.9% vs 12.6%).

Meanwhile, the core inflation rate, which strips out the volatile prices of agricultural produce and energy, also moderated for the third month to the lowest since March 2021 at 13.29%, down from July's 14.97%.

On a monthly basis, the CPI rose by 0.71% in August, the least in seven months, after a 1.57% increase in July.



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Nigeria Inflation Rate Cools Down for 3rd Month
The annual inflation rate in Nigeria eased slightly to 15.39% in August 2026 from 15.43% in July, marking the lowest since March and the third straight month of slowdown. The relative strength of the naira provided support. Food inflation, the largest component of the inflation basket, fell to 19.57% from 20.31% in July, marking the first monthly decline in seven months. Price growth also softened for other CPI items, particularly transportation (12% vs 15.5% in July); restaurants & hotels (18.6% vs 21.8%); miscellaneous goods & services (12.7% vs 15.6%) and clothing & footwear (1.9% vs 4%). Conversely, prices picked up for housing & utilities (16.9% vs 12.6%). Meanwhile, the core inflation rate, which strips out the volatile prices of agricultural produce and energy, also moderated for the third month to the lowest since March 2021 at 13.29%, down from July's 14.97%. On a monthly basis, the CPI rose by 0.71% in August, the least in seven months, after a 1.57% increase in July.
2026-09-15
Nigeria Inflation Rate Slows to 4-Month Low in July
Nigeria’s annual inflation rate eased for the second month to 15.43% in July 2026, the lowest since March, compared to June's 15.91%. The continued relative stability in the naira helped to contain inflationary pressures. Price growth softened for some CPI items, including transportation (15.5% vs 15.6%); miscellaneous goods & services (15.6% vs 17.3%); restaurants & hotels (21.8% vs 23.6%) and clothing & footwear (4% vs 6.4%). However, food inflation, the largest component of the inflation basket, accelerated for the sixth month to 20.31% from 17.52% in June. Higher prices were also seen for housing & utilities (12.6% vs 11.2%). Meanwhile, the core inflation rate, which strips out the volatile prices of agricultural produce and energy, also moderated for the second month to the lowest since May 2022 at 14.97%, down from June's 15.92%. On a monthly basis, the CPI rose by 1.57% in July, after a 1.66% increase in the previous month.
2026-08-17
Nigeria Inflation Rate Almost Steady in June
The annual inflation rate in Nigeria was little changed at 15.91% in June 2026, compared to May's six-month high of 15.93%, helped by the relative stability of the naira, despite strong inflationary pressures linked to the Middle East conflict. Food inflation, the largest component of the inflation basket, quickened for the fifth month to 17.52% from 16.96% in May. Prices also advanced faster for housing & utilities (11.19% vs 9.79%). Meanwhile, prices slowed a bit for some items, including transportation (15.62% vs 17.09% in May); clothing & footwear (6.39% vs 6.79%); miscellaneous goods & services (17.31% vs 17.78%); restaurants & hotels (23.63% vs 24.04%)and alcoholic beverages & tobacco (2.94% vs 3.89%). The core inflation rate, which strips out the volatile prices of agricultural produce and energy, eased to 15.92% from a four-month high of 16.82% in May. On a monthly basis, the CPI rose by 1.66% in June, the least in five months, after a 1.75% advance in May.
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