Nigeria’s headline inflation rate dropped to 14.63 per cent in September 2026, down from 15.39 per cent in August, as food prices eased. However, rising monthly core inflation suggests that price pressures remain across other parts of the economy.
The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index (CPI) report, released on Thursday.
The September figure marks the fourth consecutive monthly decline in headline inflation since June. It also represents a significant decrease from the 20.98 per cent recorded in September 2025.
Despite the improvement, the latest data show that the cost of living remains a concern for households, particularly as prices of some goods and services continue to rise.
Food inflation declines as prices ease
Food prices played a major role in the latest decline. According to the NBS, annual food inflation stood at 19.59 per cent in September 2026.
The figure was lower than the 20.16 per cent recorded in September 2025.
More importantly, month-on-month food inflation fell to -1.55 per cent in September from 1.02 per cent in August. This indicates that average food prices declined during the month compared with the previous month.
The NBS attributed the decrease to lower prices for several food items. These included local rice, maize flour, guinea corn flour, eggs, onions, palm oil, potatoes, okra, tomatoes and plantain.
The average annual food inflation rate over the 12 months ending September 2026 also dropped to 15.72 per cent. In comparison, the rate stood at 28.37 per cent in September 2025.
These figures point to easing food inflation, although individual food prices may still vary across markets and locations.
Core inflation rises despite lower annual rate
While food inflation declined, core inflation moved in the opposite direction on a monthly basis.
The NBS reported that annual core inflation reached 12.95 per cent in September 2026. Although this was below the 22.11 per cent recorded in September 2025, the monthly figures showed renewed price pressure.
Month-on-month core inflation rose to 1.11 per cent in September from -0.06 per cent in August.
Core inflation measures price changes after excluding volatile agricultural produce and energy prices. It therefore provides another indication of price movements beyond food and energy.
The average annual core inflation rate for the 12 months ending September stood at 16.54 per cent, compared with 25.68 per cent in September 2025.
The figures suggest that underlying inflation has moderated over the past year, but prices in some non-food categories increased during September.
Overall consumer price growth slows
The NBS also reported that the average change in the all-items Consumer Price Index over the 12 months ending September 2026 was 15.80 per cent.
This was lower than the 27.31 per cent recorded in the corresponding period of 2025.
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The decline in headline inflation means prices are increasing more slowly overall than they were a year earlier. However, it does not necessarily mean that the general cost of living has returned to previous levels.
For households, the effect will depend on the prices of essential goods and services they purchase regularly.
Imo records highest headline inflation
The state-level figures revealed significant differences in inflation across the country.
Imo State recorded the highest year-on-year headline inflation rate at 30.04 per cent in September. Enugu followed at 22.38 per cent, while Niger State recorded 22.05 per cent.
Taraba State reported the lowest headline inflation rate at 1.78 per cent.
Food inflation also varied considerably across states. Lagos recorded the highest rate at 34.40 per cent, followed by Imo at 33.79 per cent and Ondo at 31.49 per cent.
In contrast, Taraba recorded a negative food inflation rate of 7.47 per cent.
These differences highlight how inflation can affect households differently depending on their location and the goods they buy.
What the September inflation figures mean
Nigeria’s September inflation report presents a mixed picture. Headline inflation continued to decline, supported by falling monthly food prices and lower annual inflation rates.
However, the increase in monthly core inflation indicates that price pressures have not disappeared.
The figures also underline the importance of monitoring food prices alongside the cost of other goods and services.
Although the latest decline offers some relief, sustained improvements in household purchasing power will depend on how prices behave in the months ahead.
