Nigeria’s Inflation Falls to 14.63%, but Food Prices Still Squeeze Households

Nigeria’s annual inflation rate fell to 14.63% in September 2026, its lowest level since October 2020. The decline suggests that the pace of price increases is slowing after two difficult years for households. Monthly inflation rose by just 0.06% in September, down from 0.71% in August. Core inflation also dropped to 12.95%, indicating that price pressures may be easing beyond food and energy. The Central Bank of Nigeria cut its benchmark interest rate from 26.5% to 23% in September. However, lower inflation does not mean prices have fallen. Food inflation remained at 19.59%, with Lagos, Imo and Ondo recording especially high food-cost increases. For many families, the key question is whether the improving figures will translate into more affordable food, transport and other essentials by 2027.

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