… NBS reports fifth consecutive monthly decline
… Zamfara, Anambra, Enugu Record Lowest Figures
Nigeria’s headline inflation slowed to 20.12 per cent in August 2025, marking the fifth consecutive monthly decline, according to the National Bureau of Statistics (NBS).
The figure dropped from 21.88 per cent in July and a sharp fall from 32.15 per cent in August 2024, the NBS said in its latest Consumer Price Index (CPI) report released on Monday.
Despite the moderation, the CPI rose slightly to 126.8 points in August from 125.9 in July. Monthly inflation also eased to 0.74 per cent, down from 1.99 per cent in July, reflecting slower price increases across the economy.
Food prices, which remain the biggest driver of inflation, also eased but stayed high. The NBS said food inflation dropped to 21.87 per cent year-on-year in August from 37.52 per cent in August 2024.
Month-on-month, food inflation declined to 1.65 per cent from 3.12 per cent in July, with notable price drops in staples such as rice, maize flour, millet, semolina and soya milk.
However, the bureau noted that insecurity and poor logistics, particularly in the North, continue to fuel food price pressures.
The report revealed uneven inflationary trends across the country. Urban inflation was put at 19.75 per cent year-on-year, while rural inflation was slightly higher at 20.28 per cent.
On a monthly basis, urban inflation slowed to 0.49 per cent compared to 1.86 per cent in July, while rural inflation dropped to 1.38 per cent, down from 2.30 per cent.
… States Hit Differently
The NBS report showed sharp disparities across states ; Ekiti (28.17%), Kano (27.27%) and Oyo (26.58%) recorded the highest inflation rates.
At the lower end, Zamfara (11.82%), Anambra (14.16%) and Enugu (14.20%) posted the least figures.
Food inflation was most severe in Borno (36.67%), Kano (30.44%) and Akwa Ibom (29.85%), while Zamfara (3.30%), Yobe (3.60%) and Sokoto (6.34%) recorded the lowest.
The figures come ahead of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meeting scheduled for September 22–23, 2025. The committee is expected to decide whether to retain or adjust the current 27.5 per cent interest rate.
Analysts say while five months of steady decline provide some policy space, persistent food and core inflation could make the CBN cautious in its next policy move.
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