Nigeria's inflation rate eases slightly but still a worry for many citizens

ABUJA/LAGOS, Oct 15 (Reuters) - Nigeria's headline inflation rate slowed slightly last month, data showed on Thursday, but it remains stuck around 15% in annual terms and a concern for many citizens months before a national election.

Consumer inflation was at 14.63% year-on-year in September, down from 15.39% in August, the National Bureau of Statistics said.

Food inflation was little changed at 19.59% ⁠in September (NGFINF=ECI), opens new tab from 19.57% in August.

Stubborn price pressures are a test for President Bola Tinubu ahead of January's election, when he will seek a final four-year term.

"The common man is suffering. Everything has sky-rocketed," Michael Udoariri, a 44-year-old who works in an insurance company and is a father of three, told Reuters at a bus stop in Lagos while waiting to go to work.

He said soaring fuel costs had forced ⁠him to stop driving and switch to public transport.

The central bank surprised investors last month with a 350-basis-point interest rate cut to 23%, saying market rates had diverged from its benchmark rate and previous tightening measures had proven ⁠effective.

Tinubu took office in 2023 and made a series of economic reforms like cutting petrol subsidies and devaluing the currency to try to lift economic growth ⁠and bolster public finances.

But those reforms also spurred a cost-of-living crisis.

Economic growth has picked up, coming in at about 4.4% year-on-year in the ⁠second quarter, but it remains well below the 7% annual rate Tinubu has targeted by 2027.

Adds context in paragraphs 1 and 7-10, and comments from insurance worker in paragraphs 5-6

Reporting by Elisha Bala-Gbogbo in Abuja and Seun Sanni in Lagos; Editing by Alexander Winning and Ros Russell

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