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Nigeria’s Inflation Rate Drops to 18.02% in September 2025

Nigeria’s headline ⁤inflation rate dropped to 18.02 per cent in September 2025, marking the sixth⁢ consecutive month⁢ of⁣ decline and the first time in three years that the inflation⁤ figure has fallen below the ⁣20 per cent mark.

The development, revealed in⁣ the latest Consumer⁢ Price Index ⁣(CPI) report published by the National⁢ Bureau of⁢ Statistics (NBS) on Wednesday, signals a sustained slowdown in price growth across major economic sectors.

According to the NBS,the September ⁣inflation rate represented a 2.1 per ⁣cent decrease compared ⁢to ‍20.12 per cent in August 2025,‍ and a 14.68 per ‍cent year-on-year drop from the 32.70 per cent recorded in September 2024.

this sustained moderation ‍in‍ inflation, analysts⁤ say, ⁢is ⁤largely‍ due to the rebasing of the CPI ‍and recent monetary policy adjustments by the Central⁢ Bank of Nigeria (CBN), which had‍ earlier⁤ cut the Monetary Policy Rate (MPR) for the first time⁢ in ⁣years.

“On⁤ a month-on-month basis, the headline inflation rate in September 2025 was 0.72 per cent, 0.02 per cent lower than the rate recorded in August⁤ (0.74 per cent). This means that in September, the rate of increase⁣ in the average price level was slower than in August,” the NBS stated.

Detailed Inflation Breakdown

The report also ⁢showed that food⁣ inflation dropped⁢ significantly to 16.87 per cent on a year-on-year basis – 20.9 percentage points lower than the 37.77 per cent‍ recorded in September ⁣2024.

NBS attributed the decline partly to the change in the base year and a reduction in food prices, especially for key commodities such as maize, garri, ‍beans, millet, potatoes, onions, ⁢eggs,⁣ tomatoes, and pepper.

On ⁤a month-on-month⁤ basis, food inflation was recorded at -1.57 per cent, down by 3.22 per cent compared to ⁣August’s 1.65 per cent – a sign that average food prices fell rather than increased during the month.

Core inflation – which excludes volatile items such as food