Nigeria's Inflation Rate Drops to 18.02% in September: NBS Report

Nigeria's inflation rate decreased to 18.02% in September from 20.12% in the previous month, as reported by the National Bureau of Statistics (NBS). Year-on-year, inflation stood at 14.68%, a significant drop from 32.70% in September 2024.

Food inflation was at 16.87% in September, down from 37.77% in the same period last year. The decline in inflation is mainly due to lower prices of food items such as maize, grains, garri, beans, and others.

Core inflation, excluding volatile agricultural and energy prices, also decreased to 19.53% year-on-year in September.