Rising Cost of Living Keeps Economic Hardship at the Centre of Nigeria’s National Debate

The cost of living remains one of the most important issues confronting Nigerian households as families continue to balance food, transportation, housing, healthcare and education expenses against available income. The National Bureau of Statistics (NBS) released its latest Consumer Price Index report today.Latest Verified Statistics from NBS September 2026: Headline inflation: 14.63% year-on-year in September 2026, down from 15.39% in August 2026 and 20.98% in September 2025. Month-on-month headline fell to 0.06% from 0.71% in August. • Food inflation: 19.59% year-on-year in September 2026. The bureau said food inflation is lower compared to 20.16% recorded in the same month of the preceding year. On month-on-month, food inflation fell to -1.55% in September from 1.02% in August, indicating average food prices declined during the month. • State disparity: Lagos recorded the highest annual food inflation at 34.4%, followed by Imo at 33.8% and Ondo at 31.5%. Taraba and Yobe recorded negative annual food inflation at -7.5% and -0.4%, showing price declines versus last year. Cost of a Healthy Diet: NBS Cost of a Healthy Diet report puts the least expensive healthy diet at N1,513 daily, up 3.76% from January 2026 and 12.4% versus February 2025, underscoring pressure on household incomes. Household perception of hardship: CBN household survey weighted by NBS framework shows 68.4% of Nigerians earning below N70,000 perceived inflation as high in August 2026, compared to 30.8% among households earning above N450,000, highlighting disparity by income. Food is a major part of spending, making the 19.59% food inflation rate critical. The NBS noted Lagos, Imo and Ondo pressures are far above the national average, while Taraba and Yobe saw declines. Transportation costs affect workers and students who depend on public transport. When expenses rise faster than income as seen in the N1,513 daily healthy diet cost families reduce spending or seek additional income. Small businesses face higher costs for electricity, transport and raw materials, affecting pricing and margins. The federal government has defended reforms including fuel subsidy and foreign exchange changes as addressing structural problems. The latest NBS data shows inflation has declined by 6.35 percentage points year-on-year from 20.98% to 14.63%, marking the third consecutive monthly drop. However, food inflation at 19.59% remains elevated and uneven across states, which explains why critics argue broader gains have not translated into tangible benefits. This debate will remain prominent ahead of the 2027 general elections. A slower rate of increase 0.06% month-on-month headline in September versus 0.71% in August means prices are rising slower, not that they have returned to previous levels. Households are still paying substantially more than in 2024/2025, as shown by the healthy diet cost up 12.4% year-on-year. Stable policies, job creation and targeted support for vulnerable groups. For households earning below N70,000 the group reporting highest inflation perception careful budgeting helps but does not solve structural price pressures. The central test is whether the headline improvement to 14.63% and the month-on-month food price decline of -1.55% will be sustained and spread to high-inflation states, and whether incomes recover enough to bring the N1,513 daily healthy diet within reach.