Nigeria’s headline inflation rate eased to 14.63 per cent in September 2026, down from 15.39 per cent in August, according to the National Bureau of Statistics.
The NBS disclosed the figures in its Consumer Price Index report released on Thursday, October 15, indicating a further slowdown in annual price increases.
The latest figure represents a decline of 0.76 percentage points from the August inflation rate of 15.39 per cent.
The moderation was largely supported by falling food prices, although some underlying price pressures persisted.
On a month-on-month basis, headline inflation dropped to 0.06 per cent in September from 0.71 per cent in August, showing that the pace of price increases slowed considerably during the period.
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The decline followed the Monetary Policy Committee’s decision in September to reduce the Monetary Policy Rate by 350 basis points to 23.00 per cent, reflecting improving inflation conditions and a move towards a less restrictive monetary policy stance.
Food inflation remained a major contributor to the slowdown. The year-on-year rate stood at 19.59 per cent, compared with 20.16 per cent in September 2025, while month-on-month food inflation fell to -1.55 per cent from 1.02 per cent in August.
The NBS attributed the decline to lower prices of several food items, including local rice, maize flour, guinea corn flour, onions, tomatoes, palm oil and plantain.
Core inflation, which excludes volatile agricultural produce and energy prices, also declined to 12.95 per cent year on year from 22.11 per cent a year earlier.
However, the month-on-month core inflation rate rose to 1.11 per cent in September from -0.06 per cent in August, indicating that some underlying price pressures remained.
The contrasting figures suggest that while annual inflation is easing, short-term increases in some prices remain a concern.