Nike Air Monarch III is making a noise when walking,squeaking. I bought 2 months ago. Help Me..!

Two solutions are claimed to work: Oil or baby powder.
Oil (3-in-1, silicone, mineral, I suggest a non-petroleum based silicon)
Remove the lining and spread liberally with the material. Dry up any excess oil if you use that I did and left some paper towels to line for little while). The oil or powder will work it's way down and lubricate between the "Air" pouch and the sole. (I think foot sweat messes with this and causes the "rub".)
I have had Monarch III and IVs. Believe it or not, the IV's are worse. You'd think Nike would figure this out.

You need to check where the sound are coming from and then once you ave discovered the area then you need to assess the seriousness of the situation. if it is just the sole or because something is lodged in there then you can try to fix the problem yourself. If you feel you are unqualified to do so then you can take the shoe to a shoemaker, or better yet send Nike an email stating that you are unhappy with the service that you've received and that they should ensure that they see to the problem or else you will make a noise about it.
Remember, as a consumer today you have more rights and brands need to protect their image or else it could be detrimental to them too.

Just take out the insole, put in some talcum powder or baby powder, then put the insole back. works perfectly.

You should put out the air and fill in the air tanks silicon