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Nigeria’s headline inflation rate fell to 14.63 percent in September 2026 from 15.39 percent in August, according to the National Bureau of Statistics.
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Food inflation eased to 19.59 percent year-on-year, while food prices declined by 1.55 percent month-on-month.
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Imo recorded the highest year-on-year headline inflation at 30.04 percent, while Lagos had the highest food inflation at 34.40 percent.
October 15, (THEWILL) – Nigeria’s headline inflation rate declined to 14.63 percent in September 2026 from 15.39 percent in August, as food prices fell on a month-on-month basis, according to the National Bureau of Statistics.
The latest Consumer Price Index report, released on Thursday by the NBS, showed that headline inflation was also lower than the 20.98 percent recorded in September 2025, representing a decline of 6.35 percentage points over the 12 months.
On a month-on-month basis, headline inflation slowed to 0.06 percent in September from 0.71 percent in August, indicating that the average price level increased at a much slower pace during the month.
The consumer price index, which measures changes in the prices of goods and services consumed by households, rose marginally to 146.38 in September from 146.30 in August.
The September report was compiled using the rebased CPI, which has 2024 as its price reference period and 2023 as its expenditure-weight reference period.
Despite the decline in the headline rate, the figures show that price pressures remain uneven across major spending categories, with food inflation still higher than overall headline inflation and core inflation increasing monthly.
Food Inflation Eases As Core Inflation Rises
Food inflation declined to 19.59 percent year-on-year in September from 20.16 percent in the corresponding month of 2025.
On a month-on-month basis, food inflation fell to -1.55 percent from 1.02 percent in August, representing a 2.57-percentage-point decline in the rate.
The NBS attributed the moderation to price movements in several food items, including guinea corn flour, white maize flour, local short-grain rice, eggs, fresh onions, palm oil, green beans, Irish potatoes, okra, fresh tomatoes, dried green peas and plantain.
The average annual food inflation rate for the 12 months ending September 2026 stood at 15.72 percent, down from 28.37 percent recorded in the corresponding period a year earlier.
Food and non-alcoholic beverages remained the largest contributor to headline inflation at the divisional level, accounting for 5.85 percent of the year-on-year rate. Restaurants and accommodation services contributed 1.89 percent, while transport accounted for 1.56 percent.
However, the moderation in food prices was accompanied by an increase in core inflation, which excludes volatile agricultural produce and energy prices.
Core inflation stood at 12.95 percent year-on-year in September. On a month-on-month basis, it rose to 1.11 percent from -0.06 percent in August, indicating renewed price increases in items covered by the measure.
The NBS also reported that energy prices increased by 5.38 percent month-on-month, while farm produce prices declined by 2.86 percent. Services rose by 0.41 percent, goods by 0.10 percent and imported food by 0.04 percent.
These movements indicate that the overall slowdown in inflation was not uniform across the economy, as some categories continued to record price increases.
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Inflation Differs Across States
State-level data showed substantial variations in price movements across the country in September.
Imo recorded the highest year-on-year all-items inflation rate at 30.04 percent, followed by Enugu at 22.38 percent and Niger at 22.05 percent.
At the other end of the ranking, Taraba recorded the lowest year-on-year headline inflation rate at 1.78 percent, followed by Bauchi at 2.84 percent and Adamawa at 3.66 percent.
On a month-on-month basis, Imo also recorded the highest headline inflation rate at 8.64 percent, followed by Kaduna at 4.46 percent and Sokoto at 3.01 percent.
Adamawa recorded a month-on-month decline of 6.10 percent, while Bauchi and Kano recorded decreases of 5.31 percent and 4.49 percent, respectively.
Food inflation showed a different pattern. Lagos recorded the highest year-on-year food inflation rate at 34.40 percent, followed by Imo at 33.79 percent and Ondo at 31.49 percent.
Taraba recorded a year-on-year food inflation rate of -7.47 percent, indicating a decline in the relevant food price index compared with the same month a year earlier. Yobe recorded -0.37 percent, while Borno recorded 2.18 percent.
On a month-on-month basis, food inflation was highest in Imo at 5.15 percent, followed by Ondo at 4.46 percent and Oyo at 3.82 percent. Adamawa recorded the largest decline at -13.84 percent, followed by Kano at -11.01 percent and Bauchi at -10.21 percent.
The NBS cautioned that state-level inflation figures should be interpreted carefully because the consumer price index reflects differences in household consumption patterns and expenditure weights across states. Consequently, direct comparisons between states may be misleading when those differences are not considered.
The September figures point to a continued slowdown in Nigeria’s annual headline inflation rate, supported in part by lower food prices. However, the increase in monthly core inflation and energy prices suggests that price pressures persist in parts of the economy.
While the fall in headline inflation signals a slower rate of increase in average consumer prices, it does not mean that the general price level has returned to its earlier position or that households are paying less for all goods and services.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
