By Peter Omopo
Nigeria’s inflation rate continued its downward trend in September, easing to 18.02 per cent from 20.12 per cent recorded in August, according to the National Bureau of Statistics (NBS).
The latest Consumer Price Index report, released on Wednesday, marks the sixth consecutive month of decline in inflation, signaling a sustained slowdown in price increases across the country.
On a year-on-year basis, the NBS said the September 2025 inflation rate was 14.68 percentage points lower than the 32.70 per cent recorded in September 2024 — a significant moderation in annual inflation compared to the same period last year.
“On a month-on-month basis, the headline inflation rate in September 2025 stood at 0.72 per cent, slightly lower than 0.74 per cent in August 2025. This means that the rate of increase in average prices slowed marginally compared to the previous month,” the report noted.
The bureau also highlighted notable drops in key subcomponents of inflation. Food inflation stood at 16.87 per cent year-on-year, a decline of 20.9 percentage points from 37.77 per cent in September 2024. Similarly, core inflation — which excludes volatile items such as farm produce and energy — dropped to 19.53 per cent, down by 7.9 percentage points from 27.43 per cent recorded in the corresponding period last year.
The decline in inflation follows a series of monetary tightening measures by the Central Bank of Nigeria (CBN), alongside relative improvements in agricultural output and supply chain stability.
Economists say the trend, if sustained, could boost consumer confidence and relieve pressure on household spending as the economy continues its post-reform adjustment.
However, analysts caution that further policy consistency and improved productivity will be essential to maintain the downward momentum amid persistent foreign exchange and energy cost pressures.
