Nigeria’s headline inflation price slowed to 18.02% in September 2025, marking a notable decline from 20.12% p.c in August, in keeping with the most recent knowledge launched by the Nationwide Bureau of Statistics (NBS).
Regardless of the easing pattern, the Centre for the Promotion of Non-public Enterprise (CPPE) has cautioned that the aid might not instantly translate into higher dwelling situations for many households.
Dr. Muda Yusuf, Chief Govt Officer of the CPPE, in a coverage transient despatched to Nairametrics on Wednesday, mentioned that whereas the moderation in inflation is a welcome improvement, the beneficial properties are nonetheless removed from being felt by the common Nigerian family.
“Whereas this disinflation trajectory is commendable, inflation ranges stay excessive and proceed to erode family buying energy, undermine client confidence, and weaken actual incomes,” the economist mentioned.
“Enterprise confidence is rising, however client confidence stays fragile. Insurance policies that improve productiveness, stabilise costs, and scale back the structural value of doing enterprise won’t solely strengthen the disinflation trajectory but in addition foster inclusive and sustainable financial restoration,” he added.
The harvest season has moderated meals costs
Based on the CPPE, the decline in meals inflation in September is occasioned by the harvest season.
Based on him, “Elevated meals provide through the harvest season has moderated meals costs. Additionally, the bottom impact of inflation charges in 2024 averaged above 30 per cent, making a excessive statistical base that helps a relative decline in present inflation readings; the naira has skilled relative stability — and delicate appreciation in some months — serving to to average imported inflation; macroeconomic coverage enhancements by way of tighter financial coverage, decreased fiscal leakages, and higher coordination between fiscal and financial authorities have contributed to easing inflationary pressures.”
He mentioned these elements collectively clarify the progress made on worth moderation in September 2025.
“With consistency, coordination, and structural reforms, Nigeria can obtain a steady single-digit inflation price over the medium time period — anchoring development, bettering welfare, and restoring confidence within the financial system.”
CPPE careworn that “the beneficial properties achieved to date should due to this fact be consolidated by way of decisive and well-targeted coverage actions.”
What you must know
- Based on NBS, the meals inflation price stood at 16.87% in September 2025 on a year-on-year foundation, representing a pointy decline of 20.9 share factors from 37.77% recorded in September 2024.
- The core inflation price, which excludes the costs of risky agricultural merchandise and power, stood at 19.53% in September 2025 on a year-on-year foundation, representing a decline of seven.9 share factors from 27.43% recorded in September 2024.