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Nigeria’s Inflation Rate Falls to 14.63% as Food Prices Ease
Nigeria’s annual headline inflation rate declined to 14.63 per cent in September 2026, down from 15.39 per cent in August, according to the latest Con...
By Patience
Office of the National Bureau of Statistics (NBS)
The latest figure represents a decline of 0.76 percentage points from the previous month. Compared with September 2025, when inflation stood at 20.98 per cent, the rate was lower by 6.35 percentage points.
The report also showed that monthly headline inflation slowed to 0.06 per cent in September from 0.71 per cent in August, indicating that average prices increased at a slower pace during the month.
Despite the moderation in headline inflation, the figures show that price pressures remain significant, particularly for households spending a large proportion of their income on food and other essential goods.
MONTHLY INFLATION SLOWS
The NBS reported that month-on-month headline inflation declined by 0.65 percentage points, falling from 0.71 per cent in August to 0.06 per cent in September.
This measure tracks changes in average prices from one month to the next. The September figure indicates that the overall price level rose much more slowly than it did in August.
However, a lower inflation rate does not necessarily mean that goods and services have become cheaper. It means that the pace at which average prices are increasing has slowed.
For households and businesses, the distinction matters because prices may remain considerably higher than they were in previous years, even when inflation declines.
FOOD INFLATION SHOWS MIXED MOVEMENT
Food inflation stood at 19.59 per cent year-on-year in September 2026, slightly higher than the 19.57 per cent recorded in August. However, it remained below the 20.16 per cent recorded in September 2025.
On a month-on-month basis, food inflation fell to -1.55 per cent in September from 1.02 per cent in August. This indicates that average food prices in the measured basket declined compared with the previous month.
The NBS attributed the monthly movement to price changes involving several food items, including rice, maize flour, guinea corn flour, eggs, fresh onions, palm oil, green beans, potatoes, okra, tomatoes, dried green peas and plantain.
The figures present two different aspects of food prices. While the annual rate shows that food prices remained higher than a year earlier, the negative monthly rate indicates a decline in average prices between August and September.
The monthly decline does not mean every food item became cheaper or that prices have returned to their previous levels. Actual prices may also differ across states, markets and individual products.
CORE INFLATION ALSO DECLINES
Core inflation, which excludes certain volatile items such as agricultural produce and energy, stood at 12.95 per cent year-on-year in September, compared with 13.29 per cent in August.
The September rate was also lower than the 22.11 per cent recorded in September 2025, reflecting a substantial slowdown in annual core inflation.
Core inflation helps analysts assess underlying price pressures beyond some of the more volatile components of the consumer price basket.
The decline in both headline and core inflation suggests that the annual pace of price increases has moderated compared with the previous year. However, individual goods and services can continue to experience different price movements.
WHAT THE FIGURES MEAN FOR NIGERIANS
The September inflation report provides an updated picture of price movements across the Nigerian economy.
For households, slower headline inflation may indicate that the rate of increase in everyday expenses is easing. The monthly decline in food inflation may also offer some relief where lower average prices are reflected in local markets.
However, the impact will vary depending on household spending patterns and the prices consumers encounter where they live.
Businesses also monitor inflation because changes in prices can influence operating costs, consumer demand and purchasing power.
The latest figures therefore provide evidence of a slowdown in overall annual inflation, alongside a small increase in annual food inflation compared with August and a decline in monthly food prices.
Whether this moderation continues will become clearer when subsequent inflation reports are released.
OUTLOOK
Nigeria’s headline inflation rate declined from 15.39 per cent in August to 14.63 per cent in September 2026, while monthly headline inflation slowed to 0.06 per cent.
Annual food inflation edged up slightly to 19.59 per cent, but monthly food inflation moved into negative territory at -1.55 per cent. Core inflation also declined year-on-year to 12.95 per cent.
Together, the figures show that annual inflation continued to moderate, although the cost of living remains an important concern for Nigerian households.
Future inflation data will help establish whether the slowdown can be sustained and whether changes in average prices translate into meaningful relief for consumers.