Professor Godwin Oyedokun, a financial analyst and lecturer at Lead City University, has described the marginal moderation in Nigeria’s inflation rate in August 2026 as a positive development, but cautioned that it does not mean prices have fallen.
Oyedokun made this known in an interview with DAILY POST while reacting to the latest inflation figures released by the National Bureau of Statistics, NBS.
The NBS reported that Nigeria’s headline inflation rate moderated slightly from 15.43 percent in July to 15.39 percent in August 2026.
Reacting, Oyedokun said the August decline means that prices are still increasing, but at a slower rate.
“The moderation of Nigeria’s inflation from 15.43 percent in July to 15.39 percent in August 2026 is a positive development, but it should not be interpreted as prices falling.
“It means that prices are still rising, but at a slower rate,” he said.
The Financial Analyst said the more significant development was the decline in month-on-month inflation, which he noted could indicate some easing in the immediate pace of price increases.
However, he warned that the relatively high level of food inflation means that many households may not yet experience substantial relief in their daily expenses.
“Food inflation remains relatively high, meaning many households may not yet feel substantial relief in their daily expenses,” Oyedokun added.
On the impact of the inflation figures on borrowing costs, he said a single month of marginal moderation would not immediately translate into cheaper bank loans.
According to him, the effect would likely be gradual, particularly if the downward trend in inflation is sustained.
He explained that sustained disinflation could provide the Central Bank of Nigeria with greater room to consider monetary easing, which could eventually lead to lower lending rates and improved access to credit.
“However, if disinflation is sustained, it could give the Central Bank of Nigeria greater room to consider monetary easing, which could eventually translate into lower lending rates and improved access to credit,” he said.
Oyedokun said the August inflation figure was encouraging but cautioned that it should not yet be regarded as a victory over inflation.
He identified improved food supply, stronger purchasing power, increased business productivity and access to affordable credit as key areas that should receive attention to sustain the downward trend in inflation.
“Overall, the August figure is encouraging, but it is not yet a victory over inflation.
“The priority should be to sustain the downward trend while improving food supply, purchasing power, business productivity and access to affordable credit,” he said.
