Nigeria’s inflation rate has fallen for the sixth consecutive month, reaching 18.02 percent in September—its lowest level in more than three years. The National Bureau of Statistics reports that this marks a significant 2.1‑percentage‑point drop from the 20.12 percent recorded in August 2025. The headline inflation rate has been declining since April 2025, following a series of statistical adjustments earlier in the year, including a change in the base year and a reweighting of items in the consumer‑price basket.
Despite the overall decline, traders and shoppers at Lagos’s Oyingbo Market say that prices of essential goods remain high. A bag of rice that cost ₦80,000 in January now sells for about ₦70,000, and beans and eggs have also eased in price. However, the cost 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 litre has added to the expenses of traders and transporters, potentially undoing months of progress.
The reduction in the inflation rate is largely attributed to the statistical adjustments made by the National Bureau of Statistics, which involved changing the base year and reweighting items in the consumer‑price basket. Inflation had previously peaked at nearly 35 percent in December 2024. While the numbers indicate a slowdown, the reality on the ground is that survival costs for families in Lagos remain high. The decline in the headline rate has not translated into a significant decrease in market prices, leaving traders and shoppers struggling with the high cost of living.
The situation at Oyingbo Market reflects broader challenges faced by many Nigerians, especially those in rural areas where farming is the predominant occupation. Higher fuel prices have a ripple effect on the cost of goods, making it difficult for traders and transporters to operate without raising their prices. Consequently, essential goods remain expensive, and households find it increasingly hard to make ends meet. Although inflation has eased, prices continue to move independently, and it may take time for the benefits of the decline to reach the average consumer.
Comments are closed for this story.