Nigeria’s headline inflation rate has dropped to 16.05 percent in October from 18.02 percent in September, according to new figures released by the National Bureau of Statistics. The latest Consumer Price Index shows a 1.96 percent decline and marks the seventh consecutive month of easing inflation since April 2025.
On a year-on-year basis, headline inflation fell by 17.82 percentage points compared with October 2024 when it stood at 33.88 percent. Month-on-month inflation, however, rose slightly to 0.9 percent in October from 0.72 percent in September.
The NBS reported that food inflation stood at 13.12 percent year-on-year, a significant drop linked partly to a change in the base year. Month-on-month food inflation increased to minus 0.37 percent compared with minus 1.57 percent in September, driven by rising prices of onions, fruits, shrimp, groundnuts, vegetables and meat.
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Urban inflation eased to 15.65 percent year-on-year, while rural inflation dropped to 15.86 percent. On a month-on-month basis, urban inflation rose to 1.14 percent and rural inflation slowed to 0.45 percent. The twelve-month averages for both categories also showed substantial declines compared with 2024 levels.
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