Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026 from 15.39 per cent in August, extending the country’s downward inflation trend for the fourth consecutive month.
The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index report, indicating a slowdown in the annual rate at which prices are rising across the country.
The September figure represents a 6.35 percentage-point decline from the 20.98 per cent recorded in September 2025.
On a month-on-month basis, headline inflation eased to 0.06 per cent in September, compared with 0.71 per cent in August, suggesting that average consumer prices increased at a much slower pace during the period.
Food prices provide some relief
The report showed that food inflation stood at 19.59 per cent year-on-year in September, down from 20.16 per cent in the corresponding period of 2025.
On a month-on-month basis, food inflation fell to -1.55 per cent from 1.02 per cent in August, indicating that average food prices declined during the month.
The NBS attributed the development partly to price changes in items such as local rice, maize flour, guinea corn flour, eggs, onions, palm oil, potatoes, okra, tomatoes and plantain.
Despite the improvement, food inflation remains a major concern for households struggling with the cost of feeding.
Core inflation presents a different picture
While headline inflation continued to decline, underlying price pressures showed signs of strengthening.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 12.95 per cent year-on-year in September. On a month-on-month basis, it rose to 1.11 per cent from -0.06 per cent in August.
The figures suggest that although falling food prices helped moderate overall inflation, pressure on other goods and services has not disappeared.
Nigerians await the impact
The latest figures offer a positive signal for the economy, but a declining inflation rate does not necessarily mean that prices have returned to previous levels.
Rather, it means prices are rising more slowly overall, while many essential goods and services may remain expensive.
The challenge for policymakers will be to sustain the improvement, strengthen food supply chains, tackle insecurity affecting agricultural production and ease the economic pressures facing households.
For millions of Nigerians, the real test will be whether the slowdown in inflation translates into more affordable food, transport and other everyday necessities.
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