By Annette Ikponmwonba | October 15, 2026
KEYPOINTS
• Nigeria’s headline inflation rate fell to 14.63% in September 2026 from 15.39% in August.
• Year-on-year inflation declined by 6.35 percentage points compared with September 2025.
• Month-on-month headline inflation slowed to 0.06% from 0.71% in August.
• Food inflation stood at 19.59% year-on-year, while month-on-month food inflation fell to -1.55%.
• Urban inflation was 15.64%, while rural inflation stood at 12.46% on a year-on-year basis.
MAIN STORY
Nigeria’s headline inflation rate declined to 14.63% in September 2026 from 15.39% in August, according to the National Bureau of Statistics (NBS), Naija News reports that the NBS released the figures on Thursday, showing a further slowdown in the annual rate of inflation.
According to the report, Nigeria’s Consumer Price Index (CPI) rose to 146.38 in September 2026, an increase of 0.08 points from 146.30 recorded in August, The September headline inflation rate of 14.63% was 6.35 percentage points lower than the 20.98% recorded in September 2025.
On a month-on-month basis, headline inflation stood at 0.06% in September, representing a decline of 0.65 percentage points from the 0.71% recorded in August, The NBS explained that the figures indicated that the average price level increased at a slower rate in September than in the preceding month.
THE ISSUES
Urban and Rural Inflation Rates
The report showed differences between inflation trends in urban and rural areas, Urban inflation stood at 15.64% year-on-year in September 2026. However, the month-on-month rate increased to 0.53%, compared with 0.28% in August, representing a rise of 0.25 percentage points, The twelve-month average urban inflation rate for the period ending September 2026 was 15.90%, down by 12.58 percentage points from 28.48% recorded in September 2025.
In rural areas, year-on-year inflation stood at 12.46% in September. The month-on-month rate declined to -0.89%, a decrease of 2.68 percentage points from the 1.79% recorded in August, The average rural inflation rate over the twelve months ending September 2026 was 15.32%, compared with 25.67% in September 2025, representing a decline of 10.35 percentage points.
Food Inflation Declines
Food inflation, a major component of Nigeria’s inflation figures, stood at 19.59% year-on-year 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, representing a decline of 2.57 percentage points.
The NBS attributed the monthly decline to falling prices of several food items, including guinea corn flour, maize flour, local short-grained rice, eggs, fresh onions, palm oil, fresh green beans, Irish potatoes, okra, fresh tomatoes, dried green peas and plantain, among others, The average annual food inflation rate for the twelve months ending September 2026 stood at 15.72%, down by 12.66 percentage points from the 28.37% recorded in September 2025.
WHAT’S BEING SAID
The National Bureau of Statistics reported that Nigeria’s headline inflation rate continued to ease in September, with the annual rate falling from 15.39% in August to 14.63%, The bureau’s figures also showed that month-on-month headline and food inflation slowed, with food inflation recording a negative rate during the month, The decline in food inflation was linked to lower prices of several food items, including grains, rice, eggs, vegetables and other produce.
WHAT’S NEXT
The coming months will show whether the decline in headline and food inflation can be sustained, Future inflation reports will provide further insight into price movements across food items and other consumer goods and services, as well as whether the slowdown translates into sustained relief for households.
BOTTOM LINE
Nigeria’s headline inflation rate fell to 14.63% in September 2026, while food inflation declined to 19.59% year-on-year. The figures point to a slowdown in the pace of price increases, although the continued impact on household budgets will depend on how prices develop in the coming months.
