Nigeria’s Inflation Rate Drops to 14.63% in September as Food Prices Fall

Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026 from 15.39 per cent in August, according to the National Bureau of Statistics (NBS). The latest Consumer Price Index report, released on Thursday, indicates a further slowdown in the overall rate of price increases across the country.

The NBS reported that headline inflation stood at 0.06 per cent on a month-on-month basis in September. Food inflation also recorded a monthly decline, falling to -1.55 per cent from 1.02 per cent in August, suggesting that average food prices decreased during the period.

Despite the monthly decline, food inflation remained high at 19.59 per cent year-on-year in September. The report also highlighted differences in price movements across states, with Imo recording the highest year-on-year headline inflation rate at 30.04 per cent. Enugu followed at 22.38 per cent, while Niger State recorded 22.05 per cent.

Imo also recorded the largest month-on-month increase in food inflation at 5.15 per cent, followed by Ondo at 4.46 per cent and Oyo at 3.82 per cent. These figures show that the national slowdown in inflation did not translate into uniform price movements across the country.

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

However, core inflation, which excludes volatile agricultural produce and energy prices, remained elevated at 12.95 per cent year-on-year in September. On a month-on-month basis, core inflation rose to 1.11 per cent from -0.06 per cent in August, indicating renewed price pressures outside the volatile food and energy categories.

Food and non-alcoholic beverages remained the largest contributors to headline inflation, accounting for 5.85 per cent, according to the report. Restaurants and accommodation services followed at 1.89 per cent, while transport contributed 1.56 per cent.

The NBS also reported differing movements across inflation sub-indices introduced following its recent rebasing exercise. Energy inflation rose by 5.38 per cent month-on-month, while services increased by 0.41 per cent, goods by 0.10 per cent and imported food by 0.04 per cent. Farm produce inflation, in contrast, declined by 2.86 per cent. Although the fall in monthly food prices could offer some relief to households, the extent of that relief will depend on whether lower prices are sustained and become more affordable for consumers.