Inflation falls to 14.63%, but food is still up 19.59%: what the numbers mean
Nigeria’s headline inflation rate fell to 14.63% in September 2026, down from 15.39% in August, the National Bureau of Statistics (NBS) said on 15 October, Voice of Nigeria reported.
A year earlier, in September 2025, the rate was 20.98%.
The key numbers
| Measure (September 2026) | Year on year | Month on month |
|---|---|---|
| Headline inflation | 14.63% | 0.06% |
| Food inflation | 19.59% | -1.55% |
| Core inflation (excludes farm produce and energy) | 12.95% | 1.11% |
What “inflation is falling” really means
When inflation falls, prices are still rising, just more slowly. A rate of 14.63% means that, on average, something that cost ₦10,000 in September 2025 cost about ₦11,463 in September 2026.
The month-on-month figures tell the more immediate story. Overall prices barely moved between August and September (up 0.06%), and food prices actually fell 1.55% in the month. NBS said cheaper guinea corn flour, maize flour, local rice, eggs, onions, palm oil, tomatoes and plantain drove the drop.
But energy prices rose 5.38% in a single month, the biggest increase of any category.
Where it hurts most
Inflation is very different across the country.
- Highest headline inflation: Imo (30.04%), Enugu (22.38%), Niger (22.05%).
- Lowest: Taraba (1.78%), Bauchi (2.84%), Adamawa (3.66%).
- Highest food inflation: Lagos (34.40%), Imo (33.79%), Ondo (31.49%).
City dwellers are feeling it more than rural households: urban inflation was 15.64%, against 12.46% in rural areas.
What to watch
The October figures, due from NBS in mid-November, will show whether the rise in petrol prices this month, with Dangote Refinery’s gantry price going up to ₦1,300 a litre on 3 November, starts to push transport and food costs back up.
