The National Bureau of Statistics (NBS) has reported that Nigeria’s Consumer Price Index (CPI) rose to 127.7 in September 2025, reflecting a 0.9-point increase from the previous month.
According to the latest data, the headline inflation rate for September 2025 eased to 18.02%, compared to 20.12% recorded in August 2025. This represents a 2.1 percentage point decline month-on-month.
The major contributors to headline inflation were Food and Non-Alcoholic Beverages (7.21%), Restaurants and Accommodation Services (2.33%), and Transport (1.92%).
The least contributors were Recreation, Sport and Culture (0.06%), Alcoholic Beverages, Tobacco and Narcotics (0.07%), and Insurance and Financial Services (0.08%).
On a month-on-month basis, the headline inflation rate in September 2025 stood at 0.72%, representing a 0.02 percentage point decrease from 0.74% recorded in August 2025.
Food Inflation
The food inflation rate in September 2025 was 16.87% year-on-year. On a month-on-month basis, the food inflation rate was –1.57%, marking a 3.22 percentage point drop from 1.65% in August 2025.
The decline was attributed to lower average prices of items such as maize (corn) grains, garri, beans, millet, potatoes, onions, eggs, tomatoes, and fresh pepper.
Core Inflation
Core inflation, which excludes prices of volatile agricultural produce and energy, stood at 19.53% year-on-year in September 2025. On a month-on-month basis, core inflation was 1.42%, slightly down by 0.01 percentage point from 1.43% in August 2025.
Sub-Indices
The newly introduced sub-indices for September 2025 show marginal increases in Services (1.17%) and Goods (0.44%), with corresponding indices of 129.7% and 126.4%, respectively.
Conversely, Farm Produce (–0.75%) and Energy (–0.47%) recorded declines during the month.
Urban and Rural Inflation
On a year-on-year basis, the urban inflation rate in September 2025 was 17.50%. Month-on-month, the urban inflation rate rose to 0.74%, an increase of 0.25 percentage points compared to 0.49% in August 2025.
The rural inflation rate stood at 18.26% year-on-year, while on a month-on-month basis it was 0.67%, representing a 0.71 percentage point decline from 1.38% recorded in August 2025.
State-Level Analysis
The NBS noted that CPI figures are weighted according to consumption expenditure patterns, which differ across states. As such, interstate comparisons of consumption baskets may not accurately reflect local realities.
All Items Inflation (Year-on-Year):
The highest inflation rates were recorded in Adamawa (23.69%), Katsina (23.53%), and Nasarawa (22.29%). The lowest were in Anambra (9.28%), Niger (11.79%), and Bauchi (12.36%).
All Items Inflation (Month-on-Month):
The highest increases were seen in Zamfara (9.36%), Adamawa (8.15%), and Nasarawa (7.49%), while Niger (–8.14%), Oyo (–5.56%), and Bayelsa (–4.61%) recorded declines.
Food Inflation by State
At the state level, food inflation (year-on-year) was highest in Ekiti (28.68%), Rivers (24.18%), and Nasarawa (22.74%), while the lowest were in Bauchi (2.81%), Niger (8.38%), and Anambra (8.41%).
On a month-on-month basis, the highest food inflation rates were in Zamfara (15.62%), Ekiti (12.77%), and Sokoto (12.55%), while Akwa Ibom (–12.97%), Borno (–12.95%), and Cross River (–10.36%) recorded declines.
Victoria Ibanga