Nigeria’s headline inflation rate moderated to 14.45 per cent in November 2025, declining from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The NBS said the figure represents a month-on-month decline of 1.6 percentage points and reflects a significant moderation when compared with the same period last year.
“In November 2025, the headline inflation rate eased to 14.45 per cent relative to the October 2025 headline inflation rate of 16.05 per cent. Looking at the movement, the November 2025 headline inflation rate showed a decrease of 1.6 percentage points compared to the October 2025 rate,” the bureau stated.
On a year-on-year basis, headline inflation was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024. The NBS explained that the sharp decline was largely due to changes in the base year used for computation, noting that the comparison was based on a revised base year of November 2009 = 100.
However, the report indicated a slight acceleration in price increases on a monthly basis. Headline inflation rose to 1.22 per cent in November, compared with 0.93 per cent in October.
“This means that in November 2025, the rate of increase in the average price level was higher than the rate recorded in October 2025,” the NBS said.
Food inflation also declined on an annual basis, falling to 11.08 per cent in November 2025 from 39.93 per cent in November 2024, a drop the bureau again attributed to the change in the base year. On a month-on-month basis, however, food inflation increased to 1.13 per cent from a contraction of 0.37 per cent in October. The rise was driven by higher prices of staple food items such as tomatoes, cassava tubers, periwinkle, pepper, eggs, crayfish, melon, oxtail and onions.
Core inflation, which excludes volatile items such as energy and farm produce, stood at 18.04 per cent year-on-year in November, down from 28.75 per cent recorded in the corresponding period of 2024. On a month-on-month basis, core inflation moderated slightly to 1.28 per cent, compared with 1.42 per cent in October.
The report also revealed wide variations in food inflation across states. On a year-on-year basis, Kogi, Ogun and Rivers recorded the highest increases at 17.83 per cent, 16.52 per cent and 16.11 per cent respectively, while Imo, Katsina and Akwa Ibom posted the lowest increases at 3.52 per cent, 3.65 per cent and 4.52 per cent. On a month-on-month basis, Yobe, Katsina and Ondo recorded the highest increases, while Imo, Nasarawa and Enugu experienced declines.
Overall, the NBS said the average twelve-month inflation rate for the period ending November 2025 stood at 20.76 per cent, representing a decrease of 5.88 percentage points from the 26.64 per cent recorded in November 2024.
