Nigeria’s headline inflation price edged down to 14.63 per cent in September, from 15.39 per cent a month earlier, official knowledge from the National Bureau of Statistics confirmed on Thursday, because the tempo of improve in worth ranges continues to sluggish in Africa’s most populous nation.
The improvement extends the downward development in annual client inflation recorded in latest months, with inflation dropping marginally to 15.39 per cent in August from 15.43 per cent in July.
Food inflation stood at 19.59 per cent year-on-year in September, barely larger than the 19.57 per cent recorded in August, however decrease than the 20.16 per cent reported in September 2025.
Food accounts for a considerable share of family expenditure, notably amongst lower-income households.
Core inflation, which excludes unstable gadgets like agricultural produce and vitality costs, stood at 12.95 per cent year-on-year in September, down from 13.29 per cent in August and 22.11 per cent in September 2025.
The annual determine signifies a continued slowdown in worth will increase outdoors the extra unstable meals and vitality parts.
The divergence between the annual and month-to-month figures means that, though underlying inflation has moderated significantly over the previous yr, some worth pressures continued throughout September.
Despite the slowdown in inflationary pressures, Nigeria continues to face a cost-of-living disaster, principally on account of elevated meals costs and vitality prices, which have hammered the disposable revenue of many households.
The drop in residing requirements has been fuelled by robust financial reforms launched by the present administration, together with the elimination of gas subsidies, devaluation of the naira and a chronic hawkish financial coverage stance.
The statistics workplace’s knowledge additionally mirrored variations between inflation in city and rural areas.
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Urban inflation stood at 15.64 per cent year-on-year in September, down from 20.63 per cent in the corresponding month of 2025. Rural inflation was decrease at 12.46 per cent year-on-year, in contrast with 21.06 per cent in September 2025.
What the figures imply
The September knowledge level to an additional slowdown in Nigeria’s inflation price, with annual headline inflation falling for one more month.
A fall in annual inflation signifies that costs are rising extra slowly than they did over the corresponding interval a yr earlier. A unfavorable month-to-month price, such because the September meals inflation determine, signifies that common costs in the measured basket declined in contrast with the earlier month.
With annual meals inflation nonetheless at 19.59 per cent, the September figures present that the tempo of meals worth will increase has moderated over the previous yr, whereas the common value of meals stays larger than it was a yr in the past.
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