Jubilation as Nigeria’s inflation rate drops again

Nigeria’s inflation rate declined for the fifth consecutive time to 21.12 percent in August, down from 21.88 percent in July 2025 amid a drop in food prices.

This is according to the National Bureau of Statistics, NBS, August Consumer Price Index and inflation rate data released on Monday.

On a month-on-month basis, Nigeria’s inflation eased by 0.74 percent.

Similarly, food inflation rate stood at 1.65 percent on a month-on-month basis.

In August 2024, the country’s inflation stood at 32.15 percent but eased to 21.12 percent in the same period this year.

“In August 2025, the headline inflation rate eased to 20.12 percent relative to the July 2025 headline inflation rate of 21.88 percent,” NBS wrote on X on Monday.

This means that the Central Bank of Nigeria, CBN, Monetary Policy Committee in its next meeting may either retain the interest rate, which stood at 27.50 percent, and other parameters, or cut the rate.