Inflation fell to 14.63%, so why does the market still feel expensive?

The National Bureau of Statistics says Nigeria’s headline inflation for September 2026 was 14.63%, down from 15.39% in August. Food inflation was 19.59% over the same year-on-year period.

Here is what that means in simple words. Prices are still rising, but more slowly than before. The month-on-month figure was just 0.06%, and food prices actually fell by 1.55% in the month. Even so, a lower rate does not bring old prices back. Garri, transport and rent that went up last year are still at the higher level, and food is still rising faster than prices overall.

The data also does not show your own market. Rates differ a lot from state to state, and what you pay for stock in your city may not match the national figure.

Practical takeaway: sit down this week with your last three supplier invoices and compare them with what you paid six months ago. Then check whether your selling prices have kept up with your real costs. Many small businesses only notice the gap when profit has already shrunk.

Questions for the community:

Which item in your business has changed price the most this year, and by how much?
Have you seen prices come down anywhere since August? Tell us your city and trade.
How do you decide when to adjust your own prices without losing customers?

Share your experience in the Community, we would love to learn from you.

Source: Voice of Nigeria, 16 October 2026 (NBS CPI report released 15 October 2026); Technext24, 15 October 2026.