Nigeria’s headline inflation rate slowed to 14.63 per cent in September 2026, down from 15.39 per cent in August, according to the latest Consumer Price Index report from the National Bureau of Statistics (NBS). The 0.76 percentage-point drop is the lowest year-on-year reading recorded so far this year and marks a fourth consecutive month of moderation.<\/p>\n
The easing was driven largely by food. Month on month, the food index fell by about 1.55 per cent, with farm produce prices dropping by close to 2.9 per cent as harvest supplies reached markets across the country. On an annual basis, however, food inflation edged up very slightly to 19.59 per cent, a reminder that grocery bills remain a heavy burden for many households.<\/p>\n
Not every component moved in the same direction. The energy index rose by 5.38 per cent during the month, and core inflation, which strips out volatile farm produce and energy, picked up after a mild decline in August. Annual core inflation stood at 12.95 per cent. Analysts note that higher transport and power costs tend to filter into the prices of services and manufactured goods over the following months.<\/p>\n
The figures arrive after the Central Bank of Nigeria’s Monetary Policy Committee cut the benchmark Monetary Policy Rate, leaving a real-interest-rate gap of a little over eight percentage points between the policy rate and headline inflation. The naira also traded in a fairly narrow band during the week, closing around N1,332 to the US dollar in the official market, with the gap to the parallel market narrowing.<\/p>\n
For families, the slowdown in the headline figure does not mean prices are falling overall; it means they are rising more slowly than before. Market traders in several cities have reported cheaper tomatoes, peppers and some grains this season, while fuel, cooking gas and transport fares remain sensitive points. Economists will watch the October report closely to see whether the seasonal relief in food prices holds as the harvest window closes and whether energy costs continue to climb.<\/p>\n
The next CPI release from the NBS is expected in mid-November.<\/p>\n
Photo: Unsplash (illustrative).<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"
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