Nigeria's headline inflation rate slowed to 14.63 per cent in September 2026, down from 15.39 per cent in August, according to data released by the National Bureau of Statistics (NBS). The reading extends a disinflation trend to four consecutive months and offers relief for households and businesses adjusting pricing, wage and investment decisions.
On a year-on-year basis, the September figure was 6.35 percentage points lower than the 20.98 per cent recorded in September 2025. Month-on-month headline inflation also moderated to 0.06 per cent from 0.71 per cent in August, indicating a slower pace of average price increases across the economy.
Urban and rural price trends moved in different directions. Urban inflation stood at 15.64 per cent year-on-year in September, with a twelve-month average of 15.90 per cent. The annual urban rate was 12.58 percentage points below the 28.48 per cent recorded in September 2025. On a monthly basis, however, urban inflation rose to 0.53 per cent from 0.28 per cent in August, signalling faster price increases in cities during the month.
Rural inflation was 12.46 per cent year-on-year, with a twelve-month average of 15.32 per cent. The annual rate was 10.35 percentage points lower than the 25.67 per cent recorded a year earlier. Month-on-month rural inflation fell to -0.89 per cent from 1.79 per cent in August, a decline of 2.68 percentage points.
Food inflation eased to 19.59 per cent year-on-year from 20.16 per cent in September 2025. Month-on-month food prices contracted by 1.55 per cent, compared with a 1.02 per cent increase in August, a shift of 2.57 percentage points. The NBS linked the movement to price changes in grains, rice, eggs, onions, palm oil, vegetables, potatoes, plantain and tomatoes. The twelve-month average food inflation rate was 15.72 per cent, down 12.66 percentage points from 28.37 per cent in September 2025.
Core inflation, which strips out volatile agricultural produce and energy prices, told a different story. Annual core inflation stood at 12.95 per cent, down from 22.11 per cent a year earlier, but the monthly measure rose to 1.11 per cent from -0.06 per cent in August. The twelve-month average was 16.54 per cent, compared with 25.68 per cent in September 2025. Underlying price pressures therefore strengthened on a monthly basis even as food costs declined.
