Nigeria records fifth month of easing inflation as rate drops to 20.1% in August

Nigeria’s inflation rate fell for the fifth straight month in August, easing to 20.12 per cent from 21.88 per cent in July, according to data released Monday by the National Bureau of Statistics (NBS).

The decline of 1.76 percentage points extends the downward trend that began in April, when inflation peaked at 23.71 per cent.

On a month-on-month basis, the headline index stood at 0.74 per cent in August, showing a moderation compared to previous months.

However, the report highlighted continued strain in food prices, with food inflation climbing by 1.65 per cent month-on-month. The surge in staple costs underscores the persistent pressures facing households despite the overall slowdown in headline inflation.

The NBS Consumer Price Index (CPI) report noted that food inflation remains the key driver of Nigeria’s price pressures, even as the broader economy benefits from easing inflationary trends.