The NBS data, released Wednesday, showed that food prices contracted by 1.57% month-on-month, signaling that food supply exceeded demand, resulting in a temporary deflationary trend in key staples. Headline inflation also dipped to 18.02%, down from 20.12% in August.
The report highlights that the prices of maize, grains, garri, beans, millet, potatoes, eggs, fresh tomatoes, and peppers were the main contributors to the September decline. Analysts attribute the easing to ongoing harvests across major food commodities, which boosted supply and helped stabilize the market.
State-level analysis revealed that food inflation remained highest in Ekiti (28.68%), Rivers (24.18%), and Nasarawa (22.74%), reflecting localized variations in supply and demand pressures.
Experts warn, however, that while the drop offers relief for consumers, sustained price stability will depend on continued improvements in food production, supply chain efficiency, and market access for farmers.