Nigeria inflation rate falls to 14.63% in September

Nigeria’s annual headline inflation rate eased to 14.63% in September 2026, down from 15.39% in August. This marks a four-month downward trend, supported by a month-on-month decline in food prices of 1.55%. Despite this moderation, food inflation remains a significant concern, recorded at 19.59% year-on-year, which exceeds the headline rate and continues to pressure low-income households.

Data from Orodata Nigeria indicates widespread food insecurity, with approximately 37% of Nigerian households experiencing food shortages in the preceding 12 months. The North East region reported the highest shortage rate at 53%. Additionally, nearly 66% of households reported being unable to afford healthy or preferred foods in the 30 days prior to the survey.

Regional disparities in food inflation are stark; while Lagos recorded a high year-on-year rate of 34.4%, Taraba saw a decline of 7.5%. The Central Bank of Nigeria recently reduced its benchmark interest rate from 26.5% to 23% in response to easing inflationary pressures. However, experts and organizations like the Centre for the Promotion of Private Enterprise warn that structural constraints in agriculture, energy, and distribution must be addressed to ensure long-term stability.