Nigeria’s annual inflation rate eased for the sixth month to 18.02% in September 2025, marking the softest reading since May 2022, mainly supported by foreign exchange stability and the harvest season, alongside base effects linked to the base year change early this year. Food inflation, the largest component of the inflation basket, decelerated to a five-year low of 16.87% in September, from 21.87% in August. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed to 19.53%, down from 20.3% in July.