Nigeria’s inflation dropped to 14.63% in September: NBS

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate dropped to 14.63 per cent in September.

The NBS’ Consumer Price Index (CPI) and Inflation Report for September, released on Thursday, said September headline inflation fell by 0.65 per cent to 14.63 per cent, down from 15.39 per cent in August.

It said that on a month-on-month basis, headline inflation in September was 0.06 per cent, down from 0.65 per cent in August 2026, when it was 0.71 per cent.

“This means that in September, the rate of increase in the average price level was lower than the rate of increase in the average price level in August,” it said.

The report said that on a year-on-year basis, the headline inflation rate in September stood at 14.63 per cent, compared to 20.98 per cent in September 2025.

It said he three major contributors to headline inflation year-on-year were food and non-alcoholic beverages at 5.85 per cent, restaurants and accommodation services at 1.89 per cent, and transport at 1.56 per cent.

NBS said the least contributors were recreation, sports, and culture at 0.05 per cent; alcoholic beverages, tobacco, and narcotics at 0.05 per cent; and insurance and financial services at 0.07 per cent.

“The CPI increased to 146.38 in September and reflected a 0.08-point increase from the 146.30 recorded in August,” it said.

The report said the food inflation rate in September was 19.59 per cent on a year-on-year basis, compared to 20.16 per cent in September 2025.

It said that on a month-on-month basis, the food inflation rate in September was -1.55 per cent, down from 1.02 per cent in August.

The NBS attributed the rise in food inflation to changes in the average prices of certain items.

It listed items including cornflour, maize (corn), white flour, local rice, eggs, onions, palm oil, green beans, Irish potatoes, fresh tomatoes, and plantain, among others.

The report said that all items less than farm produce and energy, or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 12.95 per cent in September on a year-on-year basis.

“This shows a decline of 9.16 per cent when compared to the 22.11 per cent recorded in September 2025.

“On a month-on-month basis, the core inflation rate was 1.11 per cent in September, which increased by 1.17 per cent compared to the -0.06 per cent recorded in August,” it said.

It said the urban inflation rate was 15.64 per cent on a year-on-year basis in September.

“On a month-on-month basis, the urban inflation rate was 0.53 per cent, which increased by 0.25 per cent compared to August at 2.28 per cent.”

The report said the rural inflation rate was 12.46 per cent on a year-on-year basis in September.

It also said that on a month-on-month basis, the rural inflation rate was -0.89 per cent, down 2.68 per cent from August at 1.79 per cent.

The report showed that in September, the all-items index inflation rate on a year-on-year basis was highest in Imo at 30.04 per cent, followed by Enugu at 22.38 per cent and Niger at 22.05 per cent.

It said the lowest rise in headline inflation on a year-on-year basis was recorded in Taraba at 1.78 per cent, followed by Bauchi at 2.89 per cent and Adamawa at 3.66 per cent.

However, the report said that in September, the inflation rate on a month-on-month basis was highest in Imo at 8.64 per cent, followed by Kaduna at 4.46 per cent and Sokoto at 3.01 per cent.

“Adamawa at -6.10 per cent, followed by Bauchi at -5.31 per cent and Kano at -4.49 per cent recorded a decline in month-on-month inflation,” it said.

The report said that on a year-on-year basis, food inflation was highest in Lagos at 34.40 per cent, followed by Imo at 33.79 per cent and Ondo at 31.49 per cent.

It said Taraba recorded the slowest rise at -7.47 per cent, followed by Yobe at -0.37 per cent and Borno at 2.18 per cent.

NBS said food inflation rose the most month on month in Imo by 5.15 per cent, followed by Ondo at 4.46 per cent and Oyo at 3.82 per cent.

“Adamawa, at -13.84 per cent, followed by Kano at -11.01 per cent and Bauchi at -10.21 per cent, recorded a decline in food inflation on a month-on-month basis.”

(NAN)