Nigeria's Inflation Rate Drops to 18.02% Amid Food and Energy Price Moderation

Nigeria's inflation rate has further declined to 18.02%, with food and energy prices moderating, and foreign exchange remaining stable. The year-on-year headline inflation stands at 14.68%, a significant improvement from 32.70% in September 2024.

The Centre for Promoting Private Enterprise (CPPE) welcomed the continued moderation in inflation as a positive sign of improved macroeconomic conditions. However, the cost of living crisis persists, especially for low and middle-income households.

The annual food inflation dropped to 16.87%, attributed to lower prices of items like maize, grains, garri, beans, millet, and more. Urban inflation also saw a decrease, indicating some relief for consumers.