FX.co ★ Nigeria Inflation Rate Lowest Since May 2022

In September 2025, Nigeria experienced a continued decline in its annual inflation rate, which fell to 18.02%—the lowest level recorded since May 2022. This marks the sixth consecutive month of easing inflation, driven by the stabilization of foreign exchange rates and the onset of the harvest season. These developments, coupled with base effects stemming from the recalculation of the base year earlier this year, have contributed to this trend. Notably, food inflation, which represents the largest segment of the inflation index, dropped to a five-year low of 16.87% in September, a significant decrease from 21.87% in August. Additionally, core inflation, which excludes the fluctuating prices of agricultural products and energy, declined to 19.53% from its previous level of 20.3% in July.