Nigeria’s inflation rate has decreased for the sixth consecutive month, reaching 18.02 percent in September, its lowest level in over three years. According to the National Bureau of Statistics, this decline is a significant 2.1 percentage point decrease from the 20.12 percent recorded in August 2025. The country’s headline inflation rate has been falling since April 2025, following a series of statistical adjustments earlier this year, including a change in the base year and a reweighting of items in the consumer price basket.
Despite this decline, traders and shoppers at Oyingbo Market in Lagos report that prices of essential goods remain high. A bag of rice that cost ₦80,000 in January now sells for about ₦70,000, while beans and eggs have also eased in price. However, the price of tomatoes has more than doubled, and bread, a staple in most households, now costs far more than it did at the start of the year. The recent petrol price hike to ₦922 per liter has also added to the costs of traders and transporters, potentially undoing months of progress.
The inflation rate decline is attributed to the adjustments made by the National Bureau of Statistics, which included a change in the base year and a reweighting of items in the consumer price basket. Inflation had previously peaked at nearly 35 percent in December 2024. While the numbers indicate a slowdown in inflation, the reality on the ground is that survival costs for families in Lagos remain high. The decline in inflation rate has not translated to a significant decrease in market prices, leaving traders and shoppers to struggle with the high costs of living.
The situation at Oyingbo Market reflects the challenges faced by many Nigerians, particularly those living in rural areas where farming is the predominant occupation. The increase in fuel prices has a ripple effect on the cost of goods, making it difficult for traders and transporters to operate without increasing their prices. As a result, the prices of essential goods remain high, making it challenging for households to make ends meet. Despite the decline in inflation rate, the reality is that prices still have a life of their own, and it may take some time for the benefits of the decline to trickle down to the average consumer.