The Chief Economist at SPM Professionals, Paul Alaje, addressed concerns regarding Nigeria’s inflation on Tuesday, emphasizing that despite a recent decline, commodity prices continue to rise.
Latest figures from the National Bureau of Statistics (NBS) reveal that headline inflation fell to 20.12% in August 2025, down from 21.88% in July. However, Alaje noted that the inflation rate remains in double digits.
“There might have been a relative reduction in some food items, but not in the volume that some persons have mentioned in the media, which may have some political coloration,” Alaje stated.
He further explained, “Generally, household items are still quite high, and that is not saying that food inflation is at a single digit. It is still at double digits, which is still relatively high. But it is an improved inflation number compared to what the NBS reported.”
Alaje also mentioned a slight reduction in rural-urban inflation. According to the NBS, the August 2025 inflation rate showed a 1.76% drop compared to July.
On a monthly basis, headline inflation stood at 0.74% in August, while food inflation was recorded at 1.65%. Year-on-year, inflation was 12.03% lower than the 32.15% recorded in August 2024, the agency reported on Monday.
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