Nigeria's headline inflation rate declined to 14.63% in September 2026, down from 15.39% in August, according to the National Bureau of Statistics (NBS). The agency disclosed this in its Consumer Price Index (CPI) report released on Thursday, October 15, 2026.
Inflation Rate Falls for Third Consecutive Month
The latest figure represents a decline of 6.35 percentage points from the 20.98% recorded in September 2025, indicating a slowdown in the pace of price increases over the past year. The statistics agency also reported that month-on-month headline inflation fell to 0.06% in September from 0.71% in August.
According to the NBS, the September figure was 0.65 percentage points lower than the previous month's rate, showing that average prices increased at a slower pace during the period.
Food Inflation Eases as Prices Decline
Food inflation, a major component of household spending in Nigeria, also recorded a decline on a year-on-year basis. The NBS reported that food inflation stood at 19.59% in September 2026, compared with 20.16% in September 2025.
On a month-on-month basis, food inflation dropped to -1.55% in September from 1.02% in August, representing a decline of 2.57 percentage points. The negative rate indicates that food prices, on average, fell during the month compared with August.
The bureau attributed the movement in food prices to changes in the costs of several items, including grains, rice, eggs, onions, palm oil, vegetables, potatoes, plantain and tomatoes.
Meanwhile, the average annual food inflation rate for the 12 months ending September 2026 stood at 15.72%. This was 12.66 percentage points lower than the 28.37% recorded in September 2025, reflecting a substantial slowdown in the annual rate of food price increases.
Core Inflation Shows Underlying Pressures
The latest figures suggest that falling food prices on a month-on-month basis contributed to the moderation in Nigeria's headline inflation rate in September. However, the report indicated that underlying price pressures, measured by core inflation, strengthened compared with August.
The development suggests that although headline inflation and food inflation eased, some price pressures remained within the economy.
For Nigerian households, the decline in food inflation could provide some relief from the rising cost of essential items. However, the extent of the benefit will depend on actual market prices, as a slower inflation rate does not necessarily mean that goods have returned to their previous prices.
Overall, the September report shows that Nigeria's headline inflation continued to ease, supported in part by the monthly decline in food prices.
