September 15, 2025/CSL Research

Headline inflation slows to 20.1% y/y in August, down from 21.9% y/y in July

• Recently released data from the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation eased to 20.1% year-on-year (y/y) in August, down from 21.9% year-on-year (y/y) in July.
• Similarly, both food and core inflation moderated, easing by 87bps and 100bps to 21.9% y/y and 20.3% y/y, respectively
• On a month-to-month basis, headline inflation eased to 0.7% in August, down from 2.0% in the prior month. Likewise, food inflation moderated on a month-on-month basis, whereas core inflation recorded a slight uptick.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​