Nigeria recorded another decline in inflation for the month of October, supported mainly by easing food prices and softer cost pressures across several categories.

The latest Research Note from Credit Direct provides a closer look at what shaped this movement and the underlying forces influencing the current disinflation trend.

Headline Inflation: A Continued Slowdown

Headline inflation moderated further in October, extending the softening that began a few months earlier. The slowdown reflects a combination of improved food availability, better supply flows, and stabilising cost conditions across various states.

Food Inflation: Noticeable Relief Across States

Food inflation, which has remained the biggest pressure point for households throughout the year, posted a clearer month on month decline.

Several states recorded meaningful drops, with staples such as grains, vegetables, and protein sources showing improved price stability.

State-Level Movements: South West Leads the Improvement

More states experienced easing inflation than recorded increases this month. Markets in the South West contributed strongly to the overall moderation, with Lagos, Ogun, and Oyo posting some of the most significant improvements.

A few Northern states, however, continued to struggle with lingering supply constraints.

October’s performance signals the possibility of a more stable price environment heading into the end of the year, although sustained improvement will depend on consistent supply inflows, FX stability, and ongoing recovery in domestic production.

If you would like to explore deeper analysis, you can download the full October Inflation Report below.