Highlights

For the first time since rebasing, Headline Inflation dipped below 20%, settling at 18.02% in September 2025, a notable drop from August’s 20.12%. The easing was broad-based, with every major index pulling back. On a month-on-month basis, Headline Inflation slipped marginally by 0.02% to 0.72%, compared to 0.74% in August. This trend was largely driven by the food index, which benefited from improved supply-side conditions due to the ongoing harvest season.

Outlook

Looking ahead, the macroeconomic environment remains supportive of a continued slowdown in inflation. As of October 15, 2025, the Naira had appreciated by 3.96% in the NAFEM market and 2.32% in the parallel market, a development expected to ease import related cost pressures. Along with the ongoing harvest season, these trends should help reduce input costs and improve domestic food supply.

Click here, “September 2025 – Harvest Season Drives Inflation Downward”, to view the full report.