Inflation in Nigeria continued its decline in September 2026, at 14,63% year-on-year, compared to 15,39% in August and 20,98% a year earlier. Published this 15 October by the National Bureau of Statistics (NBS), the national statistics institute, this new decline reflects a slowdown in the rise of consumer prices, driven in particular by the drop in food prices during the month.
The monthly consumer price index rose by 0,06% in September, compared to 0,71% in August, driven by the 1,55% decline in food prices during the month. Year-on-year, however, food inflation increased slightly to 19,59%, compared to 19,57% in August, maintaining pressure on the purchasing power of Nigerian households.
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Core inflation, which excludes the most volatile agricultural products and energy prices, reached 12,95% year-on-year in September. Its monthly trend, however, turned upwards again at 1,11%, after a 0,06% decline in August.
This divergence shows that the slowdown in headline inflation is not yet translating into a generalized easing of prices in the economy. This publication follows the decision by the Central Bank of Nigeria in September to reduce its policy rate by 350 basis points to 23%.
This decrease marks an adjustment of monetary policy following several tightening measures intended to contain inflationary pressures. While the retreat in inflation constitutes a favorable signal, its effect on living conditions will depend on the ability of this trend to be sustained and to translate into a lasting improvement in purchasing power.
Fanuelle YAO Published on 15/10/26 15:37 The Editorial Staff