Food inflation eases to 19.57% as noodle, cereal and rice prices hold steady

Nigeria's food inflation eased to 19.57% in August, with 79% of tracked fast-moving consumer goods recording no month-on-month price change, according to the latest Price and Promo FMCG Momentum report.

The figure came as headline inflation dipped to 15.39% year-on-year in August 2026, down from 15.43% in July, based on the Consumer Price Index report published by the National Bureau of Statistics.

What the FMCG report found

The report examined 110 food products and found that almost eight out of every 10 held their prices steady in August. About 12% became cheaper, while 9% recorded increases.

All six food categories tracked in the assessment stayed within the Stable range. Food seasoning recorded no month-on-month price movement across comparable products, while noodles and edible oil also posted relatively high levels of price stability.

Breakfast cereals and powdered milk recorded the most noticeable shift towards lower prices. About one in five comparable products in both categories recorded price reductions during the month, suggesting some manufacturers and retailers have begun adjusting prices downward.

The report said the wider spread of price cuts was broadly in line with the moderation recorded in national food inflation. Stable prices remained the dominant trend across packaged foods, but downward adjustments became more common.

Grains, pepper and energy

The bi-weekly Consumer Market Pulse report also showed that price pressures on major household commodities weakened during the period. The easing was driven mainly by lower prices for ingredients and grains.

Pepper prices fell enough to offset increases in the prices of red and white onions, while lower rice prices helped push the grains category downward.

Energy prices were broadly stable despite a 6% increase in Premium Motor Spirit, commonly known as petrol. Higher petrol and diesel prices were largely balanced by a decline in kerosene prices, while cooking gas prices remained unchanged.

The Consumer Market Pulse consequently moved from Stable in July to Easing, reflecting softer price movements in the ingredients and grains categories.

Mixed picture for households

The latest figures point to some moderation in household food costs, although consumers still face mixed price movements across different commodities. Falling prices for some food items offered relief, but higher petrol prices remained a source of upward pressure on energy costs.

The NBS had earlier recorded a 2.79 percentage point jump in Nigeria's food inflation between June and July 2026. Adamawa, Katsina and Zamfara posted the steepest annual food price increases among all states, while Borno was the only state to record a negative food inflation rate.

For households and traders, the August numbers suggest the sharp run-up in packaged food prices has slowed. Whether that holds will depend on petrol, diesel and transport costs, which still feed directly into the price of moving goods from factories and farms to markets.