BREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September

The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s headline inflation rate to 14.63 per cent in September 2026, down from 15.39 per cent in August, indicating a further slowdown in the pace of price increases.

The NBS disclosed this in its Consumer Price Index report released on Thursday, October 15, 2026, noting that the September inflation rate was also significantly lower than the 20.98 per cent recorded in September 2025

According to the NBS, the year-on-year headline inflation rate declined by 6.35 percentage points compared with the corresponding period last year, reflecting a moderation in the annual rate of increase in consumer prices.

The bureau also reported a sharp deceleration in month-on-month inflation, which fell to 0.06 per cent in September from 0.71 per cent in August.

The NBS explained that the development meant the rate of increase in the average price level was lower in September than in the preceding month.

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On the twelve-month average basis, the NBS said the percentage change in the average Consumer Price Index for the twelve months ending September 2026 stood at 15.80 per cent, representing a decline of 11.51 percentage points from the 27.31 per cent recorded in September 2025.

Breaking down the figures by location, the NBS reported that urban inflation stood at 15.64 per cent year-on-year in September 2026.

However, urban month-on-month inflation increased to 0.53 per cent in September from 0.28 per cent in August, representing a rise of 0.25 percentage points.

The NBS put the twelve-month average urban inflation rate at 15.90 per cent, down by 12.58 percentage points from 28.48 per cent recorded in September 2025.

In rural areas, the bureau said inflation stood at 12.46 per cent year-on-year in September 2026, lower than the corresponding urban rate.

The NBS further reported that rural month-on-month inflation fell to -0.89 per cent in September from 1.79 per cent in August, representing a decline of 2.68 percentage points.

The negative rural inflation rate indicated that the average price level of the items covered by the index declined during the month, although the figure does not necessarily mean that prices of all goods and services fell.

The bureau also put the twelve-month average rural inflation rate at 15.32 per cent in September 2026, compared with 25.67 per cent recorded in September 2025, representing a decline of 10.35 percentage points.

The latest figures show that Nigeria’s headline inflation continued to moderate on a year-on-year basis, while the sharp slowdown in monthly inflation suggests that overall price increases were considerably weaker in September.

However, the NBS figures also reveal differing price movements across locations, with urban monthly inflation rising even as rural prices recorded a decline during the period.