Nigeria's Inflation Drops, But Food Prices Remain High

Nigeria's headline inflation rate decreased to 14.63% in September 2026 from 15.39% in August, according to the National Bureau of Statistics (NBS). However, food inflation remained high at 19.59% year-on-year, despite a month-on-month decline of 1.55%.

Dr Muda Yusuf, Director and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, described the inflation report as mixed, noting that while headline and core inflation moderated, food inflation continued to be a significant concern for low-income households. He emphasized that elevated food prices erode real incomes and deepen poverty risks.

Engr Leye Kupoluyi, President of the Lagos Chamber of Commerce and Industry, cautioned against interpreting the decline in inflation as a reduction in the cost of living, highlighting that many households still struggle with essential expenses. He warned that rising petrol and diesel prices could threaten the disinflation process by increasing costs across various sectors.