Based on the CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation fell sharply by 210bps to 18.02% y/y in September (August: 20.12% y/y). On a month-on-month basis, consumer prices slowed by 2bps to 0.72% (August: +0.74% m/m).

Food inflation decreased by 500bps to 16.87% y/y in September (August: 21.87% y/y). On a month-on-month basis, the food index declined by 1.57% (August: +1.65% m/m), attributed to the rate of decrease in the average prices of Maize (Corn) Grains, Garri, Beans, Millet, Potatoes, Onions, Eggs, Tomatoes, Fresh Pepper etc

Elsewhere, core inflation (all items excluding farm produce and energy) eased by 80bps to 19.53% y/y in September (August: 20.33% y/y). On a month-on-month basis, the core inflation slowed to 1.42% m/m (August: +1.43% m/m).