Nigeria's Inflation Expected to Drop to 15.84% in October, Stanbic IBTC Bank Analysts Say

Analysts at Stanbic IBTC Bank project Nigeria's headline inflation rate to drop to 15.84% in October 2025 from 18.02% in September. The decrease is attributed to moderating food prices amid the ongoing harvest season.

The latest Stanbic IBTC Bank Nigeria Purchasing Managers' Index (PMI) report shows that headline inflation is expected to further moderate to 14.25-14.62% in November. Muyiwa Oni, an equity research analyst at Stanbic IBTC Bank, notes that the season's harvest effects and improved agricultural output are driving the moderation in food prices.

Additionally, the report highlights that the broader inflation outlook remains positive, with output growth hitting a six-month high in October, driven by increased new orders and product launches across various sectors.