Nigeria's Inflation Slows to 14.63% as Food Prices Fall in September

Nigeria's headline inflation rate fell to 14.63% in September 2026 from 15.39% in August, the National Bureau of Statistics (NBS) has said. The drop was helped by a month-on-month decline in food prices.

The NBS disclosed the figure in its Consumer Price Index (CPI) report released on Thursday, October 15, 2026. The September rate is 6.35 percentage points lower than the 20.98% recorded in September 2025, showing a slowdown in the pace of price increases over the past year.

Month-on-month pressure eases

Month-on-month headline inflation dropped to 0.06% in September from 0.71% in August. That is 0.65 percentage points lower than the previous month's rate, meaning average prices rose at a much slower pace during the period.

Food inflation, which carries the heaviest weight in Nigerian household spending, also eased on a year-on-year basis. It stood at 19.59% in September 2026, compared with 20.16% in September 2025.

On a month-on-month basis, food inflation fell to -1.55% in September from 1.02% in August, a decline of 2.57 percentage points. The negative figure means food prices, on average, actually dropped during the month compared with August, rather than simply rising more slowly.

Which food items drove the change

The NBS tied the movement in food prices to changes in the cost of grains, rice, eggs, onions, palm oil, vegetables, potatoes, plantain and tomatoes.

The average annual food inflation rate for the 12 months ending September 2026 stood at 15.72%. That is 12.66 percentage points lower than the 28.37% recorded for the same period ending September 2025, pointing to a substantial slowdown in annual food price increases.

Separately, NBS data showed Lagos, Imo and Ondo as the states with the highest food inflation.

Core inflation still rising

The report showed that underlying price pressures, measured by core inflation, strengthened compared with August. So while headline and food inflation eased, some pressure remained inside the economy.

For Nigerian households, the fall in food inflation offers some relief on essential items. But a slower inflation rate does not mean prices have returned to where they were. The real benefit depends on what shoppers actually see in the market.

Monthly food prices fell in September, and that fed into the moderation in headline inflation. Core inflation told a different story, and that is the number to watch when the October report lands.