Nigeria’s Inflation Falls to 18.02% — First Time in 3 Years
By Nasir Dambatta
Nigeria’s inflation rate has dropped sharply to 18.02 percent in September, down from 20.12 percent in August — a 2.1-point decline that marks the sixth straight month of easing inflation.
This is a milestone moment for the economy — the first time in three years inflation has slipped below the 20-percent threshold. The data, released by the National Bureau of Statistics (NBS) in its September Consumer Price Index report, points to a promising turnaround in Nigeria’s economic trend.
Year-on-Year and Month-on-Month Gains
Compared to the 32.7 percent recorded in September 2024, inflation is 14.68 points lower year-on-year. Month-to-month price growth also moderated, easing to 0.72 percent in September from 0.74 percent in August.
Food Prices Also Ease
Food inflation fell significantly to 16.87 percent in September from 21.87 percent in August, largely due to declining prices of staples such as maize, garri, beans, potatoes, onions, eggs, tomatoes, and pepper. On a month-to-month basis, food prices actually dropped by 1.57 percent, reversing August’s upward trend.
Across states, food inflation showed sharp contrasts: Ekiti (28.68%), Rivers (24.18%), and Nasarawa (22.74%) recorded the highest spikes, while Bauchi (2.81%), Niger (8.38%), and Anambra (8.41%) had the slowest food price increases.
