Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026, from 15.39 per cent in August, marking the fourth consecutive monthly slowdown in inflation this year.
According to the National Bureau of Statistics (NBS), the September rate was 6.35 percentage points lower than the 20.98 per cent recorded in September 2025.
Month-on-month headline inflation also eased significantly to 0.06 per cent in September, down from 0.71 per cent in August, indicating that the pace of average price increases slowed during the month.
The latest figures reflect a decline in food inflation on a monthly basis, although core inflation accelerated, pointing to continued pressure in some parts of the economy.
The NBS report showed that annual inflation slowed in both urban and rural areas, but monthly price movements differed.
Urban inflation stood at 15.64 per cent year-on-year in September 2026, down from 28.48 per cent in the corresponding month of 2025.
However, month-on-month urban inflation rose to 0.53 per cent in September from 0.28 per cent in August, indicating that prices increased at a faster pace in urban areas during the month.
Rural inflation was 12.46 per cent year-on-year, compared with 25.67 per cent in September 2025.
On a month-on-month basis, rural inflation fell to -0.89 per cent in September from 1.79 per cent in August, indicating a decline in average prices in rural areas during the period.
The contrasting figures suggest that while annual inflationary pressures have moderated across the country, recent price movements have varied between urban and rural markets.
Food inflation, a major component of household expenditure, eased on a monthly basis in September.
The NBS reported that annual food inflation stood at 19.59 per cent, compared with 20.16 per cent in September 2025.
Month-on-month food inflation fell to -1.55 per cent in September from 1.02 per cent in August, representing a decline of 2.57 percentage points.
The bureau attributed the movement to price changes in several food items, including grains, rice, eggs, onions, palm oil, vegetables, potatoes, plantain and tomatoes.
The twelve-month average food inflation rate for the period ending September 2026 was 15.72 per cent, down from 28.37 per cent in September 2025.
Core inflation, which excludes agricultural produce and energy prices considered volatile, moved in the opposite direction on a monthly basis.
Annual core inflation declined to 12.95 per cent in September 2026 from 22.11 per cent a year earlier.
However, month-on-month core inflation increased to 1.11 per cent from -0.06 per cent in August, suggesting renewed price pressures in items covered by the measure.
The twelve-month average core inflation rate stood at 16.54 per cent, compared with 25.68 per cent in September 2025.
The figures indicate that the monthly decline in food prices helped moderate headline inflation, even as underlying price pressures strengthened during September.
