Nigeria’s headline inflation rate slowed to 14.45 per cent in November 2025, from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS).
The NBS said the November figure reflected a 1.6 percentage-point decline from the October 2025 rate, indicating a deceleration in the pace of price increases across the economy.
“The November 2025 headline inflation rate showed a decrease of 1.6 per cent compared to the October 2025 headline inflation rate,” the bureau stated.
The NBS explained that inflation figures track changes in the prices of goods and services over a 12-month period, noting that a drop in inflation does not mean prices are falling, but that the rate of increase has slowed.
On a year-on-year basis, headline inflation stood at 14.45 per cent in November 2025, representing a sharp decline of 20.15 percentage points from the 34.60 per cent recorded in November 2024.
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According to the bureau, this significant moderation was largely due to the impact of a different base year, with November 2009 adopted as the reference period.
However, on a month-on-month basis, headline inflation rose to 1.22 per cent in November, up from 0.93 per cent in October, suggesting that average prices increased more rapidly during the month.
Food inflation also showed mixed trends. The NBS said food inflation fell to 11.08 per cent on a year-on-year basis in November 2025, down by 28.85 percentage points from 39.93 per cent recorded in the corresponding period of 2024.
The bureau noted that the steep drop in annual food inflation was “technically due to the change in the base year.”
Conversely, on a month-on-month basis, food inflation climbed to 1.13 per cent in November, compared with a contraction of 0.37 per cent in October. The increase was attributed to higher prices of key food items such as dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, unshelled egusi, oxtail and fresh onions.
The NBS added that the average annual food inflation rate for the 12 months ending November 2025 stood at 19.68 per cent, 18.99 percentage points lower than the 38.67 per cent recorded in November 2024.
Core inflation, which excludes volatile items like energy and farm produce, eased to 18.04 per cent year-on-year in November 2025, down from 28.75 per cent in the same period of 2024 — a decline of 10.71 percentage points.
On a month-on-month basis, core inflation slowed to 1.28 per cent in November from 1.42 per cent in October. The bureau said the average 12-month core inflation rate for the period ending November 2025 was 20.76 per cent, compared with 26.64 per cent recorded in November 2024.
State-level data showed that year-on-year food inflation was highest in Kogi (17.83 per cent), Ogun (16.52 per cent) and Rivers (16.11 per cent), while Imo (3.52 per cent), Katsina (3.65 per cent) and Akwa Ibom (4.52 per cent) recorded the slowest increases.
On a month-on-month basis, food inflation was highest in Yobe (9.52 per cent), Katsina (6.61 per cent) and Ondo (6.04 per cent). In contrast, Imo (-6.49 per cent), Nasarawa (-5.48 per cent) and Enugu (-2.54 per cent) recorded declines.
Overall, while annual figures point to easing inflationary pressures, the month-on-month increases indicate that price pressures remain present across the economy.