Nigeria’s Headline Inflation Rate Drops to 14.63% in Sept.
Nigeria’s headline inflation rate eased to 14.63% year-on-year in September 2026, down from 15.39% in August and 20.98% in September 2025, the National Bureau of Statistic’ said in its latest report,
The consumer price index (CPI) moderation reflects a sustained slowdown in annual price growth, reinforced by a sharp deceleration in food prices and the broader easing of inflationary pressures.
On a month-on-month basis, headline inflation declined to 0.06% from 0.71% in August, indicating a significant moderation in the pace of price increases during the review period.
The better-than-expected outcome also comes in the wake of the Monetary Policy Committee’s decision in September to cut the Monetary Policy Rate by 350 basis points to 23.00%, signaling a shift towards a less restrictive monetary policy stance amid improving inflation dynamics.
Food inflation remained a key driver of the moderation, declining to 19.59% year on year from 20.16% in September 2025, while month-on-month food inflation fell sharply to -1.55% from 1.02% in August.
The decline was supported by lower prices of staples and other food items, including local rice, maize flour, guinea corn flour, onions, tomatoes, palm oil and plantain.
Core inflation, which excludes volatile agricultural produce and energy prices, also moderated to 12.95% year on year from 22.11% a year earlier.
However, its month-on-month rate accelerated to 1.11% from -0.06% in August, suggesting that underlying price pressures have not fully abated.
This divergence highlights the importance of distinguishing between the favorable annual inflation trend and emerging near-term price pressures.
Nigeria’s inflation outlook remains cautiously positive, supported by easing food prices, lower annual inflation readings and the potential benefits of improved macroeconomic stability, investment firm Cowry Asset Limited said,
The September outcome provides the CBN with greater room to consider further monetary easing, although the recent rate cut to 23.00% will require careful monitoring for its implications for liquidity, exchange-rate stability and inflation expectations. Naira Drops Against Dollar, Euro, Pound as FX Outflow Rises
