Nigeria's Inflation Eases to 14.63% in September as Food Inflation Edges Up
Key Takeaways
- •Nigeria's headline inflation slowed to 14.63% year-on-year in September 2026, down 0.76 percentage points from August's 15.39% and 6.35 points below the 20.98% recorded a year earlier.
- •Month-on-month headline inflation dropped to 0.06% in September from 0.71% in August, signaling a slower pace of price increases.
- •Food prices declined 1.55% month-on-month in September, reversing August's 1.02% rise, though annual food inflation of 19.59% remains above the headline rate and continues to strain household budgets.
- •Core inflation, which excludes farm produce and energy prices, eased to 12.95% year-on-year from 13.29%, indicating softer underlying price pressures.
- •The deceleration does not guarantee immediate price reductions for consumers, and the next CPI report will determine whether the slowdown becomes a lasting trend.
Nigeria's headline inflation rate slowed to 14.63% in September 2026, down from 15.39% in August, extending a run of easing price increases, according to the National Bureau of Statistics (NBS).
The figures appear in the Consumer Price Index (CPI) report published by the bureau on Oct 15. The CPI tracks the average change in the prices households pay for a basket of goods and services, making it a central yardstick for measuring the country's cost of living. The September reading represents a decline of 0.76 percentage points from August and a drop of 6.35 percentage points from the 20.98% recorded in September 2025.
The latest data marks another month of decelerating inflation, though a slower rate of increase does not mean prices have returned to earlier levels. Rather, it indicates that the average cost of goods and services is rising more gradually than before.
"On a month-on-month basis, the Headline inflation rate in September 2026 was 0.06%, which was 0.65% lower than the rate recorded in August 2026 (0.71%)," the NBS said.
The bureau added that the slower monthly increase means the pace of growth in the average price level was lower in September than in August.
Food inflation, a key driver of household costs, stood at 19.59% year-on-year in September, compared with 19.57% in August and 20.16% in September 2025. The annual food increase therefore remained below its level a year earlier but edged up slightly from the previous month.
On a month-on-month basis, food prices fell 1.55% in September, reversing a 1.02% increase recorded in August, according to the September CPI report.
The monthly decline in food prices could offer some relief to households. Even so, food inflation remains higher than the overall headline rate, a sign that food costs continue to weigh on household budgets.
Core inflation, which excludes farm produce and energy prices, also eased, slipping to 12.95% year-on-year in September from 13.29% in August. Because it strips out volatile categories, core inflation is closely watched as a gauge of underlying price pressures in the broader economy.
Taken together, the figures suggest that price pressures have eased compared with earlier periods. However, decelerating inflation does not necessarily mean Nigerians will immediately see cheaper food, transport, housing or other essentials. For households, the impact will depend on whether the slowdown continues and translates into more affordable everyday goods and services.
Businesses may also benefit from a more stable pricing environment, particularly if slower inflation helps reduce uncertainty around operating costs and consumer spending.
The September figures will remain an important indicator for policymakers and businesses as they assess the direction of prices and the broader cost-of-living situation in Nigeria. Attention will now turn to the bureau's next monthly CPI report, which will show whether September's slowdown extends into a lasting trend.
Source: TechNext24
