Nigeria's headline inflation rate has fallen from its peak, with the National Bureau of Statistics reporting 15.39 per cent in August, down from 15.43 per cent in July and significantly lower than a year earlier. Food inflation also moderated to 19.57 per cent, while month-on-month headline inflation dropped to 0.71 per cent from 1.57 per cent in July. The Central Bank of Nigeria responded with a substantial monetary policy reset, cutting its Monetary Policy Rate by 350 basis points to 23 per cent. Despite these improvements, many Nigerian households still perceive prices as high, raising questions about the disconnect between official figures and lived experience.
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