Based on the CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation fell sharply by 210bps to 18.02% in September against August: 20.12%.

On a month-on-month basis, consumer prices slowed by 2bps to 0.72% against August: +0.74% m/m.

Food inflation decreased by 500bps to 16.87% in September against August: 21.87%.

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% in September against August: 20.33%.

On a month-on-month basis, the core inflation slowed to 1.42% m/m August: +1.43%.