Nigeria’s inflation rate drops to 14.63%

The Nigerian inflation rate decreased to 14.63% in September 2026, a drop from 15.39% in August 2026, according to the National Bureau of Statistics (NBS). Food inflation in September 2026 was recorded at -1.55%, indicating a decline from 1.02% in August 2026. This month-on-month decrease in food inflation represented a reduction of 2.57 percentage points.

The September 2026 headline inflation rate was 6.35% lower than the September 2025 rate of 20.98%. On a month-to-month basis, the September 2026 inflation rate was 0.65 percentage points lower than in August 2026. Food inflation for the year ending September 2026 was 15.72%, down from 28.37% in September 2025. Core inflation, excluding farm produce and energy prices, was 12.95% year-on-year in September 2026, a drop from 22.11% in September 2025.

Core inflation on a month-to-month basis was 1.11% in September 2026, compared to -0.06% in August 2026. In terms of regional performance, Imo recorded the highest year-on-year inflation rate at 30.04%, followed by Enugu at 22.38% and Niger at 22.05%. Taraba had the lowest year-on-year inflation rate at 1.78%, with Bauchi and Adamawa also having relatively low rates.

On a month-to-month basis, Imo had the highest inflation rate at 8.64%, followed by Kaduna at 4.46% and Sokoto at 3.01%. Conversely, Taraba, Bauchi, and Kano experienced negative inflation rates, with Kano recording -4.49%. For food inflation, Lagos had the highest year-on-year rate at 34.40%, followed by Imo at 33.79% and Ondo at 31.49%.

Taraba recorded a negative food inflation rate of -7.47%, while Yobe had a slight increase at 2.18%. On a month-to-month basis, Imo had the highest food inflation rate at 5.15%, followed by Ondo at 4.46% and Oyo at 3.82%. Adamawa saw a significant drop in food inflation at -13.84%, with Kano and Bauchi also experiencing notable declines.