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:
After consistently topping the list, Borno posted an all-items inflation rate of 26.3%, making it the fourth most expensive state in August 2025. The all-items index rose from 106.2 in August 2024 to 134.1 in August 2025. On a monthly basis, inflation fell by -3.5%, one of the few declines in the country. Food inflation, however, remained extremely high at 36.7%, the highest among the top 10 states. Despite the annual surge, the food index fell from 162.2 in July to 148.0 in August, producing a monthly food decline of -8.7%. This shows that while food inflation drives the high annual figure, recent monthly declines may signal some relief, although insecurity and logistics constraints still weigh heavily.
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