Nigeria’s headline inflation price eased to 14.63% in September 2026, down from 15.39% in August, extending the nation’s disinflation development for a fourth consecutive month, in accordance to the National Bureau of Statistics (NBS).
The newest determine represents a decline of 6.35 share factors from the 20.98% recorded in September 2025. Month-on-month headline inflation additionally slowed to 0.06% in September from 0.71% in August, indicating a slower enhance in common costs.
The NBS report confirmed combined actions throughout city and rural inflation, whereas meals inflation declined on a month-on-month foundation. Core inflation, nonetheless, elevated in contrast with August.
Urban and rural inflation diverge
Urban inflation stood at 15.64% year-on-year in September 2026, whereas the corresponding twelve-month common was 15.90%. The annual price was 12.58 share factors decrease than the 28.48% recorded in September 2025.
- On a month-on-month foundation, city inflation rose to 0.53% in September from 0.28% in August, displaying that worth will increase in city areas accelerated through the month.
- Rural inflation, in the meantime, stood at 12.46% year-on-year, with its twelve-month common at 15.32%. The annual price was 10.35 share factors beneath the 25.67% recorded in September 2025.
- Month-on-month rural inflation fell to -0.89% in September from 1.79% in August.
The NBS reported a 2.68 percentage-point decline in the agricultural monthly inflation price.
- The twelve-month common city inflation price fell by 12.58 share factors year-on-year.
- The twelve-month common rural inflation price declined by 10.35 share factors over the identical interval.
The figures present that whereas annual inflation moderated in each city and rural areas, monthly worth actions differed, with city inflation accelerating and rural inflation recording a decline.
Food inflation falls, core inflation rises
Food inflation stood at 19.59% year-on-year in September 2026, down from 20.16% in September 2025. On a month-on-month foundation, meals inflation fell to -1.55%, in contrast with 1.02% in August, a decline of two.57 share factors.
The NBS attributed the monthly motion to worth adjustments in a number of meals gadgets, together with grains, rice, eggs, onions, palm oil, greens, potatoes, plantain and tomatoes. The common annual meals inflation price for the twelve months ending September 2026 was 15.72%, down 12.66 share factors from 28.37% in September 2025.
- Core inflation, which excludes unstable agricultural produce and power costs, moved in the other way on a monthly foundation.
- Annual core inflation stood at 12.95% in September, down from 22.11% a yr earlier.
- Month-on-month core inflation rose to 1.11% from -0.06% in August.
- The twelve-month common core inflation price was 16.54%, in contrast with 25.68% in September 2025.
The figures point out that the decline in meals costs on a monthly foundation helped average headline inflation, whilst underlying worth pressures measured by core inflation strengthened in contrast with August.
Naira strengthens forward of inflation report
Nairametrics previously reported that the naira strengthened to N1,333 per greenback on the Nigerian Foreign Exchange Market (NFEM) on October 14, 2026, forward of the discharge of the September inflation report.
The forex motion got here as market contributors awaited the newest inflation information, which gives an replace on the tempo of worth will increase in the Nigerian financial system.
