Nigeria’s headline inflation slowed for the fifth consecutive month in August 2025, providing some relief for consumers already weighed down by high living costs.
According to the latest data from the National Bureau of Statistics (NBS), headline inflation dropped to 20.12%, down from 21.88% in July 2025. This marks a 1.76 percentage point decline month-on-month and a significant drop from 32.15% recorded in August 2024.
The Consumer Price Index (CPI), which measures the average change in prices of goods and services, inched up to 126.8 in August 2025 from 125.9 in July. On a month-on-month basis, inflation stood at 0.74%, notably lower than 1.99% in July, indicating slower price increases compared to the previous month
Food prices, the biggest driver of inflation in Nigeria, also moderated in August. Food inflation dropped to 21.87% year-on-year, down from 37.52% in August 2024. On a month-on-month basis, food inflation slowed sharply to 1.65%, from 3.12% in July 2025.
The decline was attributed to falling prices in staples such as rice (local and imported), guinea corn flour, maize flour, millet, semolina, and soya milk. The twelve-month average food inflation rate was 25.75%, down from 36.99% recorded in August 2024.
Despite the moderation, food prices remain elevated, especially in northern states where insecurity and poor logistics continue to disrupt supply.
The latest report reveals the ten states with the steepest annual increases in the cost of goods and services, with a mix of food and non-food pressures shaping each state’s experience.
Below is a breakdown of the 10 highest-inflation states in August 2025, according to the NBS report:
Bayelsa ranked 10th with an all-items inflation rate of 23.8% in August 2025. The state’s all-items index rose from 104.9 in August 2024 to 129.9 in August 2025. On a monthly basis, the all-items index rose 4.3%, showing that inflationary pressures are still strong. However, food inflation in Bayelsa diverged, with the food index falling from 131.6 in July to 119.1 in August, representing a monthly decline of -9.5%. On an annual basis, food inflation stood at 13.4%, well below the all-items rate, indicating that food was not the main driver of inflation. Instead, the pressure came from non-food categories such as housing, transport, and services.
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