Nigeria’s annual inflation rate eased for the fifth month to 20.12% in August 2025, marking the softest reading since July 2022, mainly supported by foreign exchange stability and the harvest season. Food inflation, the largest component of the inflation basket, decelerated to 21.87% in August, from 22.74% previously. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed to 20.3%, down from 21.3% in July. On a monthly basis, the CPI rose by 0.70% in August, slowing from 1.99% in the prior month.