The latest report from the National Bureau of Statistics (NBS) shows that the headline inflation rate eased to 18.02%, relative to 20.12% rate recorded in August 2025.
The reduction was attributed to the decline in the Food Inflation rate which was -1.57%.
Looking at the Consumer Price Index (CPI) Report released by the NBS on Wednesday, the September 2025 Headline inflation rate showed a decrease of 2.1% compared to the August 2025 Headline inflation rate.
On a year-on-year basis, the Headline inflation rate was 14.68% lower than the rate recorded in September 2024 (32.70%).
This shows that the Headline inflation rate (year-on-year basis) decreased in September 2025 compared to the same month in the preceding year (i.e., September 2024), though with a different base year, November 2009 = 100.
However, on a month-on-month basis, the Headline inflation rate in September 2025 was 0.72%, which was 0.02% lower than the rate recorded in August 2025 (0.74%).
This means that in September 2025, the rate of increase in the average price level was lower than the rate of increase in the average price level in August 2025.
FOOD INFLATION
The Food inflation rate in September 2025 was 16.87% on a year-on-year basis. This was 20.9% points lower compared to the rate recorded in September 2024 (37.77%).
The significant decline in the annual food inflation figure is technically due to the change in the base year.
However, on a month-on-month basis, the Food inflation rate in September 2025 was -1.57%, down by 3.22% compared to August 2025 (1.65%).
The decrease can be attributed to the rate of decrease in the average prices of Maize (Corn) Grains, Garri, Beans, Millet, Potatoes, Onions, Eggs, Tomatoes, Fresh Pepper etc.
The average annual rate of Food inflation for the twelve months ending September 2025 over the previous twelve-month average was 24.06%, which was 13.47% points lower compared with the average annual rate of change recorded in September 2024 (37.53%).
CORE INFLATION
The Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 19.53% in September 2025 on a year-on-year basis; declined by 7.9% when compared to the 27.43% recorded in September 2024.
On a month-on-month basis, the Core Inflation rate was 1.42% in September 2025 down by 0.01% compared to August 2025 (1.43%).
The average twelve-month annual inflation rate was 22.39% for the twelve months ending September 2025, this was 3.25% points lower than the 25.64% recorded in September 2024
URBAN INFLATION
On a year-on-year basis, in September 2025, the Urban inflation rate was 17.50%, 17.63% points lower compared to the 35.13% recorded in September 2024. On a month-on-month basis, the Urban inflation rate was 0.74% in September 2025, up by 0.25% compared August 2025 (0.49 %).
The corresponding twelve-month average for the Urban inflation rate was 24.35% in September 2025. This was 9.6% points lower compared to the 33.95% reported in September 2024.
RURAL INFLATION
The Rural inflation rate in September 2025 was 18.26% on a year-on-year basis. This was 12.23% points lower compared to the 30.49% recorded in September 2024.
On a month-on-month basis, the Rural inflation rate in September 2025 was 0.67%, down by 0.71% compared to August 2025 (1.38%).
The corresponding twelve-month average for the Rural inflation rate in September 2025 was 22.08%. This was 7.68% points lower compared to the 29.76% recorded in September 2024.
