Inflation Falls to 14.63% as Food Prices Ease, NBS Reports

Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026, down from 15.39 per cent in August 2026 and 20.98 per cent in September 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The statistics agency said the country’s CPI rose to 146.38 points in September, representing a marginal increase of 0.08 points from the preceding month under the newly rebased CPI series, which adopts 2024 as the base year and 2023 as the weight reference period.

On a month-on-month basis, headline inflation slowed significantly to 0.06 per cent in September, compared with 0.71 per cent recorded in August, indicating a moderation in the pace of price increases across the economy.

The decline in inflation was largely driven by developments in food prices. Food inflation stood at 19.59 per cent year-on-year in September, lower than 20.16 per cent recorded in the corresponding period of 2025. On a month-on-month basis, food inflation contracted by 1.55 per cent, compared with an increase of 1.02 per cent in August.

According to the NBS, the moderation in food prices was linked to changes in the average prices of key staples, including local rice, maize flour, onions, palm oil, fresh tomatoes, Irish potatoes, plantain and eggs.

Despite the overall slowdown, food and non-alcoholic beverages remained the largest contributor to headline inflation at 5.85 percentage points, followed by restaurants and accommodation services at 1.89 percentage points and transport at 1.56 percentage points.

The report also showed that core inflation, which excludes volatile agricultural produce and energy prices, stood at 12.95 per cent year-on-year in September. On a monthly basis, core inflation accelerated to 1.11 per cent, up from -0.06 per cent in August.

Among the newly introduced inflation indicators, the energy index recorded the highest monthly increase at 5.38 per cent, while farm produce inflation declined by 2.86 per cent during the review period.

At the subnational level, Imo State recorded the highest year-on-year all-items inflation rate at 30.04 per cent, followed by Enugu State at 22.38 per cent and Niger State at 22.05 per cent. In contrast, Taraba State posted the lowest inflation rate at 1.78 per cent, followed by Bauchi State at 2.84 per cent and Adamawa State at 3.66 per cent.

For food inflation, Lagos State recorded the highest year-on-year rate at 34.40 per cent, ahead of Imo State at 33.79 per cent and Ondo State at 31.49 per cent. The lowest food inflation rates were recorded in Taraba State, Yobe State and Borno State.

The latest figures suggest continued easing in inflationary pressures, driven largely by moderating food prices, although underlying price pressures remain evident in energy and core inflation components.