Inflation drops to 14.63% as food prices fall, says NBS

By  Mariam Abeeb

Nigeria’s headline inflation rate dropped to 14.63 per cent in September 2026 from 15.39 per cent in August, as falling food prices offered potential relief to households struggling with the rising cost of living.

The National Bureau of Statistics disclosed this in its Consumer Price Index report released on Thursday, showing a 0.76 percentage-point decline in the inflation rate.

The latest figure marks a further moderation in inflation, following the decline from 15.43 per cent recorded in July to 15.39 per cent in August.

On a month-on-month basis, headline inflation fell to -0.06 per cent in September from 0.71 per cent in August, indicating a decline in the average price level during the period.

Food prices recorded a more pronounced drop, with month-on-month food inflation falling to -1.55 per cent in September from 1.02 per cent in August.

However, food inflation remained high at 19.59 per cent year-on-year, although lower than the 20.16 per cent recorded in September 2025.

The NBS attributed the moderation in food prices to changes in the average prices of several commodities, including local short-grained rice, maize flour, guinea corn flour, fresh onions, palm oil, fresh tomatoes, okra, Irish potatoes, plantain and eggs.

The decline could provide some relief to households facing persistent pressure from food and other essential expenses.

However, the extent of the relief will depend on whether the fall in prices is sustained and translates into more affordable goods for consumers.

Despite the moderation in headline inflation, core inflation, which excludes volatile agricultural produce and energy prices, remained elevated at 12.95 per cent year-on-year in September.

The figures suggest that while food prices declined during the month, underlying price pressures remained a concern for households and businesses.

The September report adds to the gradual easing of headline inflation recorded in recent months, although the high year-on-year food inflation rate continues to reflect the pressure on household budgets.