Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026 from 15.39 per cent in August, according to the September 2026 Consumer Price Index (CPI) report. The report covers food prices, housing, transport, education, healthcare, urban and rural inflation, and differences across states. Here are 20 key things…...
Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026 from 15.39 per cent in August, according to the September 2026 Consumer Price Index (CPI) report.
The report covers food prices, housing, transport, education, healthcare, urban and rural inflation, and differences across states.
Here are 20 key things to know about the report, covering the major sectors of the economy.
1. Headline inflation drops to 14.63%
Nigeria’s headline inflation rate stood at 14.63 per cent in September 2026, down from 15.39 per cent recorded in August 2026. The rate was also lower than the 20.98 per cent recorded in September 2025.
2. Consumer Price Index rises slightly
The Consumer Price Index increased to 146.38 in September 2026 from 146.30 in August, representing a 0.08-point increase. The CPI measures changes in the average prices of goods and services commonly purchased by consumers.
3. Month-on-month headline inflation slows
The month-on-month headline inflation rate fell to 0.06 per cent in September from 0.71 per cent in August. According to the report, this means the rate of increase in the average price level was lower in September than in the preceding month.
4. Food inflation declines year-on-year
Food inflation stood at 19.59 per cent in September 2026, compared with 20.16 per cent in September 2025. The report also recorded a decline in the average annual food inflation rate to 15.72 per cent for the 12 months ending September 2026, from 28.37 per cent in the corresponding period a year earlier.
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5. Food prices record a month-on-month decline
The month-on-month food inflation rate was -1.55 per cent in September, down from 1.02 per cent in August. The report attributed the movement to price changes in products including guinea corn flour, white maize flour, local short-grain rice, eggs, fresh onions, palm oil, green beans, Irish potatoes, okra, fresh tomatoes, dried green peas and plantain.
6. Core inflation stands at 12.95%
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 12.95 per cent year-on-year in September 2026. This was lower than the 22.11 per cent recorded in September 2025.
7. Core inflation rises month-on-month
Despite the year-on-year decline, month-on-month core inflation increased to 1.11 per cent in September from -0.06 per cent in August. The average annual core inflation rate for the 12 months ending September was 16.54 per cent, down from 25.68 per cent in September 2025.
8. Food and non-alcoholic beverages lead inflation contributions
Food and non-alcoholic beverages contributed 5.85 percentage points to year-on-year headline inflation, the largest contribution among the divisions listed in the report. Restaurants and accommodation services followed with 1.89 percentage points.
9. Transport remains a major contributor
Transport contributed 1.56 percentage points to year-on-year headline inflation in September 2026. The sector ranked third among the divisions listed in the report by contribution to the overall inflation rate.
10. Housing, electricity, gas and other fuels contribute 1.23 points
Housing, water, electricity, gas and other fuels contributed 1.23 percentage points to year-on-year headline inflation. The division was among the major contributors to the overall rate, behind food and non-alcoholic beverages, restaurants and accommodation services, and transport.
11. Education services contribute 0.91 points
Education services contributed 0.91 percentage points to year-on-year headline inflation in September. The report also recorded a month-on-month contribution of 0.00 per cent for the division, with the note that values displayed as 0.00 may extend beyond two decimal places.
12. Healthcare contributes 0.89 points
The health division contributed 0.89 percentage points to year-on-year headline inflation. Its month-on-month contribution was reported as 0.00 per cent, subject to the report’s rounding note.
13. Clothing and footwear add 0.74 points
Clothing and footwear contributed 0.74 percentage points to year-on-year headline inflation in September 2026. The report placed the division among the sectors contributing to the overall rise in consumer prices.
14. Information and communication contribute 0.48 points
Information and communication contributed 0.48 percentage points to year-on-year headline inflation. Personal care, social protection and miscellaneous goods and services also contributed 0.48 percentage points.
15. Household furnishings and maintenance contribute 0.43 points
Furnishings, household equipment and routine household maintenance contributed 0.43 percentage points to year-on-year headline inflation in September.
16. Insurance, financial services, alcohol and recreation make smaller contributions
Insurance and financial services contributed 0.07 percentage points to year-on-year headline inflation. Alcoholic beverages, tobacco and narcotics contributed 0.05 percentage points, while recreation, sport and culture also contributed 0.05 percentage points.
17. Urban inflation exceeds rural inflation year-on-year
Urban inflation stood at 15.64 per cent year-on-year in September 2026, while rural inflation was 12.46 per cent. The report’s corresponding 12-month average rates were 15.90 per cent for urban areas and 15.32 per cent for rural areas.
18. Urban and rural inflation move in different directions month-on-month
Month-on-month urban inflation increased to 0.53 per cent in September from 0.28 per cent in August. Rural inflation, however, fell to -0.89 per cent from 1.79 per cent in August.
19. Imo records the highest year-on-year headline inflation
At state level, Imo recorded the highest year-on-year all-items inflation rate at 30.04 per cent in September 2026. Enugu followed at 22.38 per cent, while Niger recorded 22.05 per cent.
Taraba had the lowest year-on-year headline inflation rate at 1.78 per cent, followed by Bauchi at 2.84 per cent and Adamawa at 3.66 per cent.
20. Lagos leads year-on-year food inflation, while Imo leads monthly headline inflation
Lagos recorded the highest year-on-year food inflation rate at 34.40 per cent in September 2026, followed by Imo at 33.79 per cent and Ondo at 31.49 per cent. Taraba recorded -7.47 per cent, Yobe -0.37 per cent and Borno 2.18 per cent.
On a month-on-month basis, Imo recorded the highest all-items inflation rate at 8.64 per cent, followed by Kaduna at 4.46 per cent and Sokoto at 3.01 per cent. Adamawa recorded the lowest rate at -6.10 per cent, followed by Bauchi at -5.31 per cent and Kano at -4.49 per cent.