Nigeria inflation cools to 14.63%, but food prices barely ease

Nigeria’s headline inflation rate eased in September, but the latest figures point to continued pressure on household budgets rather than a broad relief in the cost of living. The National Bureau of Statistics put annual inflation at 14.63%, down from 15.39% in August.

Food inflation moved in the opposite direction only marginally: it was 19.59% in September compared with 19.57% a month earlier. Because food takes up a large share of spending for many households, that near-flat reading matters even as the headline measure improves.

Why the distinction matters

Inflation measures how quickly prices are rising, not whether prices have returned to earlier levels. A lower annual rate can therefore coexist with expensive food, transport and fuel. Reuters’ reporting from Lagos described workers adapting to high transport costs, including switching from driving to public transport.

The economic backdrop is mixed. Reuters reported that Nigeria’s economy grew 4.4% year-on-year in the second quarter, an improvement that remains below the government’s stated ambition of 7% annual growth by 2027. The government’s removal of petrol subsidies and currency changes were intended to improve public finances and economic efficiency, but also contributed to a difficult adjustment for consumers.

What to watch next

The next inflation releases will help show whether the decline in headline inflation is sustained and whether food-price pressure begins to ease. For households, the key test is not just the headline percentage but the affordability of staples, transport and energy. With a national election approaching in January 2027, the cost of living is likely to remain a central political issue.

Source: Reuters, reporting by Elisha Bala-Gbogbo, published October 15, 2026. This article is an original Oseen summary and analysis, not a reproduction of the source report.