Inflation Falls to 14.63% in September as Food Prices Drop

Nigeria’s headline inflation rate eased to 14.63 per cent in September 2026, from 15.39 per cent in August, the National Bureau of Statistics (NBS) has said.

The bureau disclosed this in its Consumer Price Index (CPI) report released on Thursday. The figure is a decline of 0.76 percentage points from the previous month.

On a month-on-month basis, headline inflation fell by 0.06 percent in September from 0.71 percent in August, reflecting a slower increase in the average price level during the period.

Food inflation stood at 19.59 per cent year-on-year. On a month-on-month basis, it was -1.55 per cent, meaning food prices fell during the month.

The August figure of 15.39 per cent was itself lower than the 15.43 per cent recorded in July 2026.

The NBS attributed the moderation in food prices to changes in the average prices of several food items, including local short-grained rice, maize flour, guinea corn flour, fresh onions, palm oil, fresh tomatoes, okra, Irish potatoes, plantain and eggs.

Food inflation, measured on a year-on-year basis, stood at 19.59 percent in September, compared with 20.16 percent in September 2025.

On a month-on-month basis, food inflation declined to -1.55 percent in September from 1.02 percent in August, indicating that average food prices fell during the month.

The decline in food prices could provide some relief to households grappling with high living costs, although the overall impact on purchasing power will depend on how quickly the slowdown translates into more affordable food and other essential goods.

Despite the moderation in headline inflation, core inflation, which excludes volatile agricultural produce and energy prices, remained elevated at 12.95 percent year-on-year in September.