Nigeria’s inflation rate has moderated further, easing to 18.02 per cent in September 2025, according to data published by the National Bureau of Statistics (NBS).
This marks a continuation of the downward trend from August, when headline inflation stood at 20.12 per cent.
In its monthly inflation report, the NBS disclosed that the month-on-month headline inflation for September was 0.72 per cent, slightly lower than August’s 0.74 per cent.
On the food front, the month-on-month food inflation rate was –1.57 per cent, reflecting declines in average prices of staple commodities.
The NBS attributed this drop to reductions in the average prices of maize, garri, beans, millet, potatoes, onions, eggs, tomatoes, fresh pepper, and other food items.
Over the 12 months ending September 2025, the average annual rate of food inflation stood at 24.06 per cent, down by 13.47 percentage points from 37.53 per cent recorded in the corresponding period a year earlier.
The year-on-year food inflation for September 2025 was 16.87 per cent, significantly lower than September 2024’s rate of 37.77 per cent, a decline the NBS partly attributes to technical base-year effects in its index computation.
According to the report, “Looking at the movement, the September 2025 Headline inflation rate showed a decrease of 2.1 % compared to the August 2025 Headline inflation rate. In addition, on a year-on-year basis, the Headline inflation rate was 14.68 % lower than the rate recorded in September 2024 (32.70 %).
“However, on a month-on-month basis, the Headline inflation rate in September 2025 was 0.72 %, which was 0.02 % lower than the rate recorded in August 2025 (0.74 %).”
Economists say the slide in inflation reflects a combination of improved food supply conditions, seasonal harvests, and the moderating effects of the rebase in the Consumer Price Index earlier in the year.
According to Reuters, food inflation dropped from 21.87 per cent in August to 16.87 per cent in September, as better supply and harvests eased pressure on prices.
The reduction in inflation has already prompted the Central Bank of Nigeria (CBN) to adjust its posture.
On 23 September 2025, the CBN cut its key lending rate by 50 basis points to 27 per cent, the first reduction since 2020. The move was based on expectations of further disinflation and a need to support economic recovery.
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