Nigeria’s Inflation Rate Eases to 16.05% in October, Says NBS

Nigeria’s headline inflation rate has eased to 16.05 per cent in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The new figure represents a notable decline from the 18.02 per cent recorded in September, marking continued progress in the country’s efforts to tame rising prices.

According to the NBS, the moderation in inflation was largely driven by improvements in food supply, relative stability in the foreign exchange market, and ongoing fiscal and monetary measures targeted at reducing price pressures.

Despite the drop in the headline rate, the report shows that prices still rose month-on-month by 0.93 per cent, higher than the 0.72 per cent recorded in the previous month, indicating that cost pressures persist in certain sectors.

Food inflation also moderated significantly, reflecting seasonal increases in agricultural output and improved market supply conditions across major commodities.

Economists say the continued decline in inflation could boost consumer confidence, support business planning, and provide the Central Bank of Nigeria with greater room for policy adjustments in the coming months.

However, analysts caution that inflation remains high by global standards, and risks such as exchange-rate volatility, energy costs, and supply disruptions could affect the pace of further decline.

The NBS is expected to release more detailed sector-by-sector inflation data later in the week.