Nigeria’s inflation rate fell to 16.05 percent in October, marking the seventh consecutive month of decline. The Centre for the Promotion of Private Enterprise (CPPE) acknowledges this positive trend but warns that the cost of living remains a major challenge for many Nigerians.
The CPPE’s chief executive officer attributes the drop in inflation to several factors: a modest appreciation of the naira, reduced imported inflation, and monetary tightening. However, he stresses that structural pressures limit the impact of this decline on ordinary Nigerians’ welfare. Sectors that affect families most—food, transportation, housing, electricity, education and health—account for 84 percent of the inflation burden, keeping living costs high.
Food inflation fell from 16.87 percent in September to 13.12 percent in October, yet month‑on‑month food prices continued to rise. The CPPE cautions that without structural reforms, the current disinflation trend will not translate into a meaningful reduction in the cost of living for ordinary Nigerians.
The organization calls for urgent government action to sustain the gains and make life more affordable. Suggested interventions include expanding irrigation, storage and processing facilities, fixing critical federal highways, and expanding freight rail.
The CPPE’s CEO described the October inflation drop as a significant achievement for macro‑economic stability, but he noted that real relief will only come when food, transport, housing and energy costs begin to fall meaningfully. He urged policymakers to “double down on reforms” to ensure the current trajectory is maintained and benefits both households and businesses. The CPPE’s warnings underscore the need for continued efforts to address the underlying structural issues driving inflation and the cost of living in Nigeria.
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