Nigeria's headline inflation slowed to 14.63% in September 2026, down from 15.39% in August and 20.98% a year earlier, as month-on-month inflation eased to 0.06% from 0.71%, the National Bureau of Statistics reported. Food prices fell 1.55% month-on-month, but energy inflation jumped to 5.38% from 0.36% in August and stood at 10.85% year-on-year. Core inflation was 12.95% year-on-year, compared with 22.11% in September 2025. Muda Yusuf, chief executive of the Centre for the Promotion of Private Enterprise, welcomed the decline but warned that rising energy costs could reverse the gains, while arguing that the moderation strengthens the case for further monetary easing.
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Nigeria's headline inflation eased to 14.63% year-on-year in September 2026, down from 15.39% in August and 20.98% in September 2025, according to the National Bureau of Statistics (NBS) Consumer Price Index report. The 76-basis-point drop beat the 15.19% forecast by many analysts, and prices rose just 0.06% month-on-month, versus 0.71% in August. Food prices fell 1.55% month-on-month and were the main driver, although annual food inflation edged up to 19.59%; core inflation eased to 12.95% y/y, but the core index rose 1.11% m/m. The Central Bank of Nigeria had cut its Monetary Policy Rate by 350 basis points to 23.00% at its September meeting, and Cowry Research said there is room for further easing, but liquidity, exchange-rate stability and inflation expectations need close monitoring.
- Nigeria September Inflation Falls to 14.63%
Nigeria's annual inflation slowed to 14.63% in September, from 15.39% in August and 20.98% a year earlier, according to the National Bureau of Statistics released on Thursday. Prices rose just 0.06% from August, while food prices fell 1.55% in the month and food inflation stood at 19.59%. Core prices, however, rose 1.11% in the month after a 0.06% fall in August, which the article describes as pressure outside food and fuel. The central bank cut its benchmark rate to 23% from 26.5% on 22 September, and its next meeting is on 23 and 24 November.
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