Nigeria’s Inflation Falls to 18.02%, Lowest in Over Three Years, Says NBS
Nigeria’s headline inflation rate has dropped to 18.02 percent in September 2025, down from 20.12 percent recorded in August, according to the National Bureau of Statistics (NBS).
The latest Consumer Price Index (CPI) report, released on Wednesday, shows that the country’s inflation rate fell for the sixth consecutive month, marking the lowest level since 2022.
The NBS attributed the decline largely to a slowdown in food inflation, driven by price reductions in key staples such as rice, maize, yam, beans, and vegetables.
The agency also noted that the month-on-month inflation rate eased to 0.72 percent, reflecting improved market stability across several food categories.
Economists say the sustained decline signals a gradual recovery in Nigeria’s macroeconomic environment and could pave the way for a potential monetary policy easing by the Central Bank of Nigeria (CBN) in coming months.
“This trend reflects improving food supply conditions and a stronger exchange rate position,” one Lagos-based analyst said, adding that consistent price moderation could help restore consumer confidence.
The report further indicates that both core inflation and rural inflation also recorded marginal decreases, suggesting broader moderation beyond food prices.
While experts welcomed the improvement, they cautioned that maintaining the downward trend will depend on continued stability in fuel prices, transportation costs, and the implementation of fiscal reforms aimed at boosting agricultural productivity.
The NBS reaffirmed its commitment to publishing transparent, data-driven reports to guide government policy and investor confidence as Nigeria pursues economic recovery under the Renewed Hope Agenda of President Bola Tinubu.
