Nigeria’s inflation rate drops further to 16.05% in October

Nigeria’s inflation rate has dropped further to 16.05 % in October from 18.02% in September.  The inflation rate has been dropping steadily in the last seven months. The NBS disclosed this in its Consumer Price Index and Inflation report released on its verified X (formerly Twitter) handle on Monday.  The bureau attributed the drop in inflation rate partly to drop in the price of food items in October. It said food inflation dropped by 0.37 percent on month-on-month basis during the month.

According to NBS data food inflation is down to 13.12% y/y against 16.87% y/y in September 2025. Core inflation on the other hand dropped to 18.69% y/y from 19.53% y/y in September 2025. Thus Nigeria’s economy continues its disinflation, reaching 16.05% in October 2025. Headline inflation dropped to 16.05% year-on-year, down from 18.02% in September. On a monthly basis, inflation rose marginally to 0.93% from 0.72% in September.
In October 2025, the headline CPI recorded 16.05%, from 18.02% recorded in September 2025. On a month-to-month basis, the inflation rate in October 2025 was 0.93%, which was 0.21% higher than the rate recorded in September 2025 (0.72%).

Food inflation, a significant driver of overall inflation, fell to 13.21% in October 2025 from 16.87% in September 2025. On a month-on-month basis, October 2025 was -0.37%, up by 1.2% compared to September 2025 (-1.57%). Core inflation, which excludes volatile agricultural produce and energy prices, stood at 18.69% in October, from 19.53% in September 2025. On a month-on-month basis, the Core Inflation rate stood at 1.42% in October 2025, remaining flat compared to September 2025.