Inflation in Nigeria slowed to 14.63% year on year in September, from 15.39% in August, according to a report published on Thursday 15 October by the National Bureau of Statistics (NBS). The annual rate thus fell by 0.76 percentage points.
The overall price level, however, continues to rise from one month to the next. The increase reached 0.06% between August and September, after 0.71% the previous month. Prices thus remain higher than in September 2025.
Food remains considerably dearer than a year earlier. Its annual inflation rate stands at 19.59%, almost unchanged from 19.57% in August. In September alone, the food index fell by 1.55%, after a rise of 1.02% in August, the NBS said.
The report links this monthly trend to price changes for several staple goods, including sorghum and maize flours, local rice, eggs, onions, palm oil and tomatoes.
The picture also varies by area. Annual inflation reaches 15.64% in urban areas and 12.46% in rural areas. Month on month, prices rise by 0.53% in cities, while they fall by 0.89% in rural areas.
Mile 12 market in Lagos, 23 March 2022. Archive illustrative photo. Jalol Pempeh / Wikimedia Commons, CC BY-SA 4.0. Reduced and converted to WebP.
