Nigeria's annual energy inflation climbed to 10.85% in September 2026, more than double the 4.69% recorded in August, according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Thursday, October 15, 2026.
The 6.16 percentage point rise between August and September represents a 131.34% surge in the annual rate within a single month. On a month-on-month basis, energy inflation rose 5.38% in September, reversing the 0.36% decline recorded in August.
The acceleration occurred even as headline inflation eased to 14.63% in September from 15.39% in August, underscoring a divergence between energy costs and broader consumer price movements.
NBS data show significant volatility in energy inflation through 2026:
- January: 11.17% - February: 12.90% (highest in the period) - March: 9.90% - April: 4.60% - May: 5.73% - June: 9.90% - July: 4.40% (lowest in the period) - August: 4.69% - September: 10.85%
September recorded the third-highest annual energy inflation rate in the first nine months of 2026, behind February and January, and interrupted the relatively low readings seen in July and August.
Fuel prices have climbed following the war involving Iran, Israel and the United States, which disrupted global oil markets. Before the conflict, petrol sold for roughly N830 per litre; prices have since surpassed N1,400 per litre in several parts of the country. In September, filling stations in Lagos sold petrol for between N1,400 and N1,430 per litre, while Abuja outlets charged N1,400 to N1,450 per litre, reflecting an increase of approximately 69% to 75% from pre-war levels.
The Central Bank of Nigeria's July 2026 Inflation Expectations Survey shows energy expenditure is a major concern for businesses and households. About 60.9% of businesses reported higher spending due to inflation, compared with 55.9% of households. Energy-related expenses, including petrol, diesel and electricity, ranked highest among factors influencing inflation perceptions, scoring 74.1 points among businesses and 61.9 points among households.
