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 a year-on-year headline inflation of 14.68%. The moderation in food and energy prices, along with foreign exchange stability, contributed to this decrease.

The Centre for Promoting Private Enterprise (CPPE) welcomed the continued moderation in inflation as a positive indicator 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%, while core inflation stood at 19.53% year-on-year in September. Urban inflation also decreased significantly.