Nigeria’s Inflation Drops To 14.63% In September As Food Prices Decline

NBS Reports Slower Headline Inflation, With Food Inflation Falling To -1.55% Month-on-Month

By Henryrich Ojo | Newsworld

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 bureau disclosed this in its latest Consumer Price Index report released on Thursday, reporting that the headline inflation rate also fell from 20.98 per cent recorded in September 2025.

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On a month-on-month basis, headline inflation slowed to 0.06 per cent in September from 0.71 per cent in August, indicating a slower increase in the average price level during the period.

The NBS report showed that the Consumer Price Index rose slightly to 146.38 in September from 146.30 in August. Food inflation stood at 19.59 per cent year-on-year, compared with 20.16 per cent in September 2025. On a month-on-month basis, food inflation dropped to -1.55 per cent in September from 1.02 per cent in August.

The bureau attributed the decline to changes in the prices of several food items, including local rice, maize flour, eggs, onions, palm oil, potatoes, tomatoes and plantain. The figures suggest that average food prices declined during the month, although the annual food inflation rate remained elevated.

The report also revealed differences between urban and rural inflation. Urban inflation stood at 15.64 per cent year-on-year, while rural inflation was 12.46 per cent. On a month-on-month basis, urban inflation rose to 0.53 per cent from 0.28 per cent in August, while rural inflation fell to -0.89 per cent from 1.79 per cent.

The latest figures indicate easing annual inflationary pressure, but the continued rise in the cost of living remains a concern for households and businesses. A decline in the inflation rate means prices are rising more slowly overall; it does not necessarily mean that goods and services have become cheaper compared with a year ago.