Nigeria’s headline inflation fee 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 enhance in value ranges continues to gradual in Africa’s most populous nation.
The improvement extends the downward pattern in annual shopper inflation recorded in current 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 greater 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, significantly amongst lower-income households.
Core inflation, which excludes risky objects like agricultural produce and power 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 value will increase outdoors the extra risky meals and power parts.
The divergence between the annual and month-to-month figures means that, though underlying inflation has moderated significantly over the previous 12 months, some value pressures persevered 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 power prices, which have hammered the disposable revenue of many households.
The drop in dwelling requirements has been fuelled by powerful financial reforms launched by the present administration, together with the removing of gasoline 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 fee, with annual headline inflation falling for one more month.
A fall in annual inflation implies that costs are rising extra slowly than they did over the corresponding interval a 12 months earlier. A destructive month-to-month fee, such because the September meals inflation determine, implies 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 value will increase has moderated over the previous 12 months, whereas the typical value of meals stays greater than it was a 12 months in the past.
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