Nigeria Inflation Drops to 14.63 Percent in September

The National Bureau of Statistics reported that Nigeria's headline inflation rate decreased to 14.63 percent in September 2026, down from 15.39 percent in August. This official data contradicts a forecast from Bloomberg Intelligence, which had predicted inflation would rise to 15.6 percent due to higher food prices.

While headline inflation fell, food inflation rose slightly to 19.59 percent from 19.57 percent in August. Core inflation, which excludes volatile agricultural and energy prices, dropped to 12.95 percent from 13.29 percent. The data shows a divide between urban inflation at 15.64 percent and rural inflation at 12.46 percent.

These figures follow a late September decision by the Central Bank of Nigeria to reduce the Monetary Policy Rate from 26.5 percent to 23 percent. The rate cut was intended to support investment as disinflation progressed. Despite the downward trend, the country continues to face a cost-of-living crisis driven by the devaluation of the naira and the removal of fuel subsidies.