Nigeria’s inflation rate has slowed sharply to 18.02 per cent in September 2025, marking the country’s lowest level in nearly a year and signalling continued relief for consumers battling high living costs.
According to fresh data released by the National Bureau of Statistics (NBS) on Wednesday, the figure represents a 2.1 percentage point drop from the 20.12 per cent recorded in August.
The report also revealed that the country has now experienced six straight months of falling inflation, a trend that began in April 2025.
Analysts attribute the decline to improved food supply, a stronger naira, and recent policy actions by the Central Bank of Nigeria (CBN).
Inflation had peaked at around 35 per cent in December 2024 before the series of declines began.
“This is a welcome development for households and businesses,” said economist Sola Adeyemi.
“The reduction in inflation shows that government efforts to stabilise prices are beginning to yield tangible results.”
The NBS data showed that food inflation, the main driver of Nigeria’s consumer price index, eased to 16.87 per cent in September from 21.87 per cent in August.
Furthermore, the moderation was linked to better harvests and lower prices of key staples such as maize, beans, millet, potatoes, onions, and tomatoes.
The CBN recently cut its benchmark interest rate for the first time since 2020, a move aimed at stimulating economic growth while keeping inflation under control. CBN Governor Olayemi Cardoso reaffirmed the bank’s commitment to a “data-driven approach,” noting that the ultimate goal is to achieve single-digit inflation in the medium term.
Urban inflation fell to 17.50 per cent year-on-year in September, down from 35.13 in the same month of 2024, while rural inflation dropped to 18.26 per cent from 30.49 per cent over the same period.
Economists say the continued drop in inflation could boost consumer confidence and support a modest economic recovery in the months ahead, provided the trend is sustained.