Imo was hardest hit as Nigeria’s inflation fell 14.63% in September

Nigeria’s headline inflation rate fell to 14.63 percent in September 2026, down from 15.39 percent recorded in August, according to the National Bureau of Statistics (NBS).

The bureau disclosed this in its Consumer Price Index report released on Thursday, that “On a month-on-month basis, the headline inflation rate was 0.06%.

“Food inflation is 19.59% year on year and -1.55% month on month,” he said.

In August 2026, the headline inflation rate decreased to 15.39%, down from 15.43% in July 2026.

Food Inflation Rate (Year-on-Year) rose to 19.59% compared to 19.57% in August.

The latest Consumer Price Index (CPI) report for September 2026 revealed significant regional differences in price movements across Nigeria.

Although overall national inflation is slowing, the cost burden varies greatly by state.

Imo State recorded the highest year-on-year headline inflation rate at 30.04%, followed by Enugu (22.38%) and Niger (22.05%).

For the highest monthly movement, Imo State again led the way with a 5.15% rise in monthly food inflation.

Ondo followed with 4.46%, and Oyo recorded 3.82%.

The NBS attributed the moderation in food inflation to changes in the average prices of several food items, including local rice, maize meal, guinea corn meal, fresh onions, palm oil, fresh tomatoes, okra, Irish potatoes, plantains and eggs.

Food inflation, measured on a year-on-year basis, reached 19.59 percent in September, compared with 20.16% in September.

On a monthly basis, food inflation fell to -1.55 percent in September from 1.02 percent in August, indicating that average food prices fell in that month.

Falling food prices could provide some relief for households struggling with high living costs, although the overall impact on purchasing power will depend on how quickly the slowdown produces more affordable food and other essential goods.

Despite moderating headline inflation, core inflation, excluding fluctuations in agricultural output and energy prices, remained high at 12.95 percent year-on-year in September.

On a monthly basis, core inflation rose to 1.11 percent in September from -0.06 percent in August, indicating renewed price pressure on goods outside the volatile food and energy categories.

The NBS said food and non-alcoholic beverages remained the biggest contributor to headline inflation at 5.85 percent, followed by restaurants and accommodation services at 1.89 percent and transportation at 1.56 percent.

The report also shows divergent price movements across newly introduced inflation sub-indices following the bureau’s recent rebasing.

On a monthly basis, energy inflation rose by 5.38 percent, while services increased by 0.41 percent, goods by 0.10 percent, and imported food by 0.04 percent. However, inflation in agricultural products fell by 2.86 percent.