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:
Niger recorded an all-items inflation rate of 25.5% in August 2025, with the index rising from 105.6 in August 2024 to 132.5 in August 2025. Monthly inflation was modest at 0.9%, but the divergence between food and non-food inflation was striking. Food inflation stood at only 14.5%, and the food index fell sharply from 129.7 in July to 121.8 in August, representing a monthly drop of -6.1%. This suggests that non-food categories such as services, utilities, and transport drove inflation in Niger, while food costs provided temporary relief.
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