Nigeria's Inflation Rate Falls to 14.63% in September

The Consumer Price Index (CPI) reported by the National Bureau of Statistics (NBS) indicated that Nigeria's inflation rate decreased to 14.63% in September from 15.39% in August. This decline was primarily attributed to falling food prices, which moderated the cost of living.

However, underlying price pressures showed signs of renewed strength, with core inflation rising month-on-month. The CPI increased slightly to 146.38 points in September from 146.30 points in August, reflecting a continued upward trend in overall price levels despite the slower annual inflation rate.

Month-on-month, headline inflation sharply declined to 0.06% in September compared to 0.71% in August. Food inflation decreased to 19.59% year-on-year in September from 20.16% in September 2025, with several food items contributing to this decline.

Core inflation rose to 1.11% month-on-month in September from -0.06% in August, with year-on-year core inflation at 12.95%. Urban inflation remained elevated at 15.64% year-on-year in September.