Nigeria’s inflation slows to 14.63% in September, fourth straight monthly decline in 2026

Nigeria’s headline inflation rate eased to 14.63% in September 2026, down from 15.39% in August, extending the country’s disinflation trend for a fourth consecutive month, according to the National Bureau of Statistics (NBS).

The latest figure represents a decline of 6.35 percentage points from the 20.98% recorded in September 2025. Month-on-month headline inflation also slowed to 0.06% in September from 0.71% in August, indicating a slower increase in average prices.

The NBS report showed mixed movements across urban and rural inflation, while food inflation declined on a month-on-month basis. Core inflation, however, increased compared with August.

Urban and rural inflation diverge

Urban inflation stood at 15.64% year-on-year in September 2026, while the corresponding twelve-month average was 15.90%. The annual rate was 12.58 percentage points lower than the 28.48% recorded in September 2025.

• On a month-on-month basis, urban inflation rose to 0.53% in September from 0.28% in August, showing that price increases in urban areas accelerated during the month.
• Rural inflation, meanwhile, stood at 12.46% year-on-year, with its twelve-month average at 15.32%. The annual rate was 10.35 percentage points below 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 rural monthly inflation rate.

• The twelve-month average urban inflation rate fell by 12.58 percentage points year-on-year.
• The twelve-month average rural inflation rate declined by 10.35 percentage points over the same period.

The figures show that while annual inflation moderated in both urban and rural areas, monthly price movements differed, with urban 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 basis, food inflation fell to -1.55%, compared with 1.02% in August, a decline of 2.57 percentage points.

The NBS attributed the monthly movement to price changes in several food items, including grains, rice, eggs, onions, palm oil, vegetables, potatoes, plantain and tomatoes. The average annual food inflation rate for the twelve months ending September 2026 was 15.72%, down 12.66 percentage points from 28.37% in September 2025.

• Core inflation, which excludes volatile agricultural produce and energy prices, moved in the opposite direction on a monthly basis.
• Annual core inflation stood at 12.95% in September, down from 22.11% a year earlier.
• Month-on-month core inflation rose to 1.11% from -0.06% in August.
• The twelve-month average core inflation rate was 16.54%, compared with 25.68% in September 2025.

The figures indicate that the decline in food prices on a monthly basis helped moderate headline inflation, even as underlying price pressures measured by core inflation strengthened compared with August.

Naira strengthens ahead of inflation report

Nairametrics previously reported that the naira strengthened to N1,333 per dollar at the Nigerian Foreign Exchange Market (NFEM) on October 14, 2026, ahead of the release of the September inflation report.

The currency movement came as market participants awaited the latest inflation data, which provides an update on the pace of price increases in the Nigerian economy.