The latest figure represents a decline of 6.35% Yoy from the 20.98% recorded in September 2025, signalling a further slowdown in annual price growth.
The NBS also reported that month-on-month headline inflation fell to 0.06% in September from 0.71% in August, indicating a slower increase in average prices during the month.
Food remained the main driver of inflation contributing 5.85% YoY while restaurant and accommodation contributed 1.89% YoY. Transport costs increased by 1.56% YoY with Housing, Water, Electricity, Gas and other fuels contributing 1.23% YoY. However, on a Month on Month basis, CPI rate was minimal with multiple sectors contributing below 0%.
On a month-on-month basis, the Urban inflation rate was 0.53% in September 2026, up by 0.25% compared to August 2026 (0.28%) while on a Year – on – Year basis, Urban inflation stood at 15.90%, 12.58% points lower compared to the 28.48% reported in September 2025.
Rural inflation rate in September 2026 was 12.46% on a year-on-year basis while on a month-onmonth basis, the Rural inflation rate in September 2026 was -0.89%, down by 2.68% compared to August 2026 (1.79%).
The steady decline in inflation rate means, the FG is on track to reach its single-digit inflation target. However, the 14.63% figure is still way below the required average of under 10%.
