Nigeria’s inflation drops to 14.63% in September, but food inflation edges up

Nigeria’s headline inflation rate fell to 14.63% in September 2026 from 15.39% in August, extending the slowdown in price increases, according to the National Bureau of Statistics (NBS).

The bureau disclosed this in its Consumer Price Index (CPI) report released Oct 15. The latest figure represents a decline of 0.76 percentage points from August and 6.35 percentage points from the 20.98% recorded in September 2025.

The September reading marks another month of easing inflation, although the slowdown does not mean prices have returned to previous levels. Rather, it indicates that the average cost of goods and services is rising more slowly 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.

Similar read: Nigeria’s inflation falls to 15.39% in August as food prices ease

The bureau added that the slower monthly increase means the rate of growth in the average price level was lower in September than in August.

Food inflation remains high despite slower price growth

Food inflation stood at 19.59% year-on-year in September, compared with 19.57% in August and 20.16% in September 2025. This means the annual food increase remained below its level a year earlier but edged up slightly from the previous month.

On a month-on-month basis, food prices declined by 1.55% in September, following a 1.02% increase in August, according to the September CPI report.

The decline in monthly food prices could offer some relief to households, but food price increases remains higher than the overall headline rate, showing that food costs continue to put pressure on household budgets.

Core inflation, which excludes farm produce and energy prices, also eased to 12.95% year-on-year in September from 13.29% in August.

What the latest figures mean for Nigerians

The decline in headline inflation suggests that price pressures have eased compared with earlier periods. However, it does not necessarily mean Nigerians will immediately experience cheaper food, transport, housing or other essentials.

For households, the effect will depend on whether the slowdown in price increases 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.

Also read: CBN holds interest rate at 26.5% as inflation eases