Nigeria’s imported food price index rose 9.19% year-on-year in September 2026. That is the slowest pace since March. The index stood at 135.5, up from 124.1 in September 2025. In August, the growth rate was 12.83%. In May, it peaked at 14.60%. Month-on-month, the index rose just 0.07% in September. That followed a 0.89% rise in August and 1.21% in July. The moderation suggests imported food prices are stabilising.
Multiple factors have driven Nigeria's food inflation. The naira’s depreciation raised import costs. The removal of the petrol subsidy increased transport costs. Insecurity disrupted farming in the north. Post-harvest losses remained high. Imported food prices rose sharply through 2024 and 2025. The index climbed from 120.0 in January to 135.5 in September. The current slowdown reflects a steadier naira and moderating global food prices. The Central Bank of Nigeria’s monetary tightening also helped. The naira has stabilised since the J.P. Morgan and FTSE reclassifications.
The slowdown comes as Nigeria continues to spend heavily on food imports. In the first half of 2026, the country spent ₦3.30 trillion on food and beverage imports. The figure rose sharply in the second quarter. The FAO has warned that about 34.7 million Nigerians could face severe food insecurity during the next lean season. Farmers in the North-Central and North-West have considered leaving the sector because of rising production costs, insecurity, and post-harvest losses.
The moderation in imported food inflation does not mean prices have fallen. Prices are still climbing, just more slowly. A 9.19% increase is still a significant burden for households. Overall food inflation remains at 19.59% year-on-year. The imported component is only part of the picture. Local food prices are driven by different factors. Security, transport and middlemen margins matter more. The slowdown in imported food inflation is welcome. It is not a relief.
Winners: The Central Bank of Nigeria, whose policies are working. Importers, who face lower cost pressures. Consumers, if the trend continues. The Federal Government, which can claim progress. Losers: Households still facing high food costs. Local farmers, who face input cost pressures. The 34.7 million at risk of severe food insecurity. The government, if the lean season worsens.
Bottom Line: Imported food inflation slowed to 9.19%. That is the lowest in six months. The naira has stabilised. Global prices have eased. But food inflation remains high at 19.59%. The poor still struggle. The trend is positive. It is not enough.