JUST-IN: Nigeria’s Inflation Rate Drops Further To 18.02%

In September 2025, Nigeria’s headline inflation rate eased to 18.02% relative to the August 2025 headline inflation rate of 20.12%, latest data released by the National Bureau of Statistics (NBS) has shown.

The figure released on Wednesday revealed that the September 2025 headline inflation rate decreased by 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%).

The food inflation rate in September 2025 was 16.87% on a year-on-year basis. This was 20.9% points lower compared to the rate recorded in September 2024 (37.77%).

On a month-on-month basis, the food inflation rate in September 2025 was -1.57%, down by 3.22% compared to August 2025 (1.65%).

“The significant decline in the annual food inflation figure is technically due to the change in the base year,” the NBS said in the new data.

The decrease was attributed to the rate of decrease in the average prices of Maize (Corn) grains, garri, beans, millet, potatoes, onions, eggs, tomatoes and fresh pepper.

This shows that the headline inflation rate (year-on-year basis) decreased in September 2025 compared to the same month in the preceding year (i.e., September 2024), though with a different base year, November 2009 = 100.

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%).

This means that in September 2025, the
rate of increase in the average price level was lower than the rate of increase in the average price level in August 2025.