Prices across Nigeria rose at a slower pace in September 2026, with the Headline inflation rate dropping to 14.63% from 15.39% in August and well below the 20.98% recorded in September 2025.
This was contained in the Consumer Price Index Report released by the National Bureau of Statistics (NBS) on Thursday.
According to the report, the year-on-year rate is now 6.35 percentage points lower than it was a year ago. Month on month, headline inflation was just 0.06% in September, down from 0.71% in August, a gap of 0.65 points.
In practical terms, the average price level climbed far more slowly in September than it did the month before.
Food and non-alcoholic beverages remained the largest driver of the headline index, contributing 5.85 points on a year-on-year basis. Restaurants and accommodation services added 1.89, transport 1.56, and housing, water, electricity, gas and other fuels 1.23.
Other divisions followed: education services at 0.91, health at 0.89, clothing and footwear at 0.74, information and communication at 0.48, personal care, social protection and miscellaneous goods and services at 0.48, and furnishings, household equipment and routine household maintenance at 0.43.
Insurance and financial services contributed 0.07, while alcoholic beverages, tobacco and narcotics and recreation, sport and culture each added 0.05. Items showing 0.00 have values beyond two decimal places.
The average CPI for the twelve months ending September 2026 rose 15.80% over the previous twelve-month period, compared with 27.31% in September 2025.
Urban inflation stood at 15.64% year on year. Its month-on-month rate was 0.53%, up 0.25 points from 0.28% in August. The urban twelve-month average was 15.90%, down from 28.48% a year earlier.
Rural inflation was lower at 12.46% year on year. Its month-on-month rate turned negative at -0.89%, a fall of 2.68 points from 1.79% in August. The rural twelve-month average was 15.32%, compared with 25.67% in September 2025.
Food inflation was 19.59% year on year, against 20.16% in September 2025. On a monthly basis, it slipped to -1.55% from 1.02% in August, a decline of 2.57 points.
The movement was linked to changes in the average prices of Guinea corn flour, white maize flour, local short, grained rice, eggs, fresh onions, palm oil, fresh green beans, Irish potatoes, okra, fresh tomatoes, dried green peas and plantain, among other items.
The average annual food inflation rate for the twelve months ending September 2026 was 15.72%, down 12.66 points from 28.37% a year earlier.
Core inflation, which strips out volatile agricultural produce and energy prices, was 12.95% year on year, down from 22.11% in September 2025.
On a month-on-month basis, however, it rose to 1.11% from -0.06% in August, an increase of 1.17 points. The core twelve-month average was 16.54%, compared with 25.68% a year earlier.
