Nigeria’s Inflation Falls to 21.12% in August, Fifth Straight Decline on Cheaper Food Prices

|By Adejumo Adekunle

Nigeria’s inflation rate dropped for the fifth consecutive month, settling at 21.12 percent in August 2025, down from 21.88 percent in July, according to fresh data from the National Bureau of Statistics (NBS).

The August Consumer Price Index (CPI) report released on Monday showed that easing food prices helped drive the decline. On a month-to-month basis, inflation slowed by 0.74 percent, while food inflation stood at 1.65 percent.

The figures mark a dramatic shift from August 2024, when inflation soared at 32.15 percent, underscoring improved price stability over the past year.

“The headline inflation rate eased to 21.12 percent relative to the July 2025 rate of 21.88 percent,” the NBS confirmed in a post on X (formerly Twitter).

Analysts say the decline could influence the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), which is set to review the benchmark interest rate of 27.50 percent. The MPC may choose to retain the current rate or consider a cut in response to easing inflationary pressures.