Nigeria’s annual headline inflation rate dropped by 0.76 percentage points to 14.63 per cent in September 2026, down from 15.39 per cent recorded in August.
The latest Consumer Price Index (CPI) report, officially published by the National Bureau of Statistics (NBS) on Thursday, October 15, 2026, marks the third consecutive month of declining inflation since June, signaling a continued moderation in aggregate consumer price growth.
Speaking during a press brief at the NBS Headquarters in Abuja on Thursday morning, Prince Adeyemi Adeniran, the Statistician-General of the Federation and Chief Executive Officer of the NBS, attributed the sustained drop to steadying food prices and recent macroeconomic policy adjustments.
”The September 2026 inflation figures reflect the continued impact of domestic food supply gains from the harvest season alongside tighter monetary interventions,” stated Prince Adeyemi Adeniran.
“On a month-on-month basis, consumer price velocity slowed to 0.06 per cent, confirming that while price levels remain high overall, the pace of increase has moderated significantly compared to earlier quarters.”
The food sub-index, traditionally the primary driver of top-line inflation, stood at 19.59% year-on-year in September. Crucially, on a month-on-month basis, food inflation printed at -1.55%, pointing to an actual contraction in average food costs relative to August as main-season harvests reached urban markets across the country.
Core inflation, which excludes volatile agricultural products and energy costs, stood at 13.29%, supported by stable energy prices and lower volatility in essential service sectors.
Financial analysts and market observers note that three straight months of declining headline inflation, down from peaks earlier in mid-2026, provide welcome breathing room for households and businesses alike.
The sustained deceleration is expected to influence upcoming monetary policy decisions as central bank authorities evaluate interest rate benchmarks ahead of Q4 performance reviews.
