Imo hardest hit as Nigeria’s inflation drops 14.63% in Sept

Nigeria's overall inflation rate declined to 14.63% in September 2026, a decrease from 15.39% in the previous month, according to the National Bureau of Statistics (NBS). The report, published on Thursday, noted that food inflation stood at 19.59% year-on-year and -1.55% month-on-month. On a month-over-month basis, the headline inflation rate was 0.06%.

Food inflation, measured year-on-year, was 19.59% in September, compared to 20.16% in the same period last year. However, on a month-over-month basis, food inflation decreased by 1.55% in September, down from 1.02% in August, indicating a drop in average food prices during the month.

While the moderation in headline inflation may provide some relief to households, the overall impact on purchasing power remains to be seen, as it depends on whether the slowdown translates into more affordable food and other essential goods.

Agricultural produce and energy prices continue to be volatile, accounting for 5.85% of headline inflation. However, core inflation, which excludes these volatile items, remained elevated at 12.95% year-on-year in September. On a month-over-month basis, core inflation rose to 1.11% from -0.06% in August, indicating renewed price pressures in non-food and non-energy categories.

Food and non-alcoholic beverages were the largest contributors to headline inflation at 5.85%, followed by restaurants and accommodation services at 1.89% and transport at 1.56%. The NBS also revealed that the impact of price movements varied across regions, with Imo State experiencing the highest year-on-year headline inflation rate at 30.04%, followed by Enugu (22.38%) and Niger (22.05%).