Economy News Correspondent
Ruth Ogbechie
Nigeria’s inflationary pressure eased further in November 2025 as the headline inflation rate declined to 14.45 per cent, down from 16.05 per cent in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The statistics agency said the November figure represents a month-on-month reduction of 1.6 percentage points, signaling a notable slowdown in the pace of rising prices across the economy.
“In November 2025, the headline inflation rate moderated to 14.45 per cent from the 16.05 per cent recorded in October 2025,” the NBS stated. “This reflects a decline of 1.6 percentage points over the review period.”
On a year-on-year basis, inflation fell sharply, dropping by 20.15 percentage points from the 34.60 per cent recorded in November 2024. The bureau explained that the significant reduction is largely linked to the rebasing of the CPI, with November 2009 now serving as the base year.
“The year-on-year headline inflation rate declined in November 2025 when compared with the same month of the previous year, largely due to the change in the base year for computation,” the report noted.
However, despite the overall easing, monthly price movements showed a slight uptick. Headline inflation on a month-on-month basis rose to 1.22 per cent in November, compared to 0.93 per cent in October, indicating that prices increased at a faster pace within the month.
“This suggests that the average price level rose more rapidly in November 2025 than it did in October 2025,” the NBS added.
Food inflation followed a similar trend. On an annual basis, food inflation dropped to 11.08 per cent in November 2025, a sharp contrast to the 39.93 per cent recorded in November 2024, a decline the bureau attributed mainly to the rebasing effect. However, month-on-month food inflation increased to 1.13 per cent, up from a contraction of 0.37 per cent in October.
According to the NBS, the monthly rise in food prices was driven by higher costs of key food items such as tomatoes, cassava tubers, periwinkle, pepper, eggs, crayfish, melon, oxtail and onions.
Core inflation—which excludes volatile items like farm produce and energy—also moderated on a yearly basis, settling at 18.04 per cent in November 2025, down from 28.75 per cent in the corresponding period of 2024. On a monthly basis, core inflation eased slightly to 1.28 per cent from 1.42 per cent in October.
State-level data revealed wide disparities in food inflation across the country. Kogi, Ogun and Rivers states recorded the highest year-on-year food inflation rates at 17.83 per cent, 16.52 per cent and 16.11 per cent respectively. In contrast, 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 experienced the fastest rise in food prices, while Imo, Nasarawa and Enugu recorded declines.
The NBS further disclosed that the average 12-month inflation rate stood at 20.76 per cent for the period ending November 2025, representing a drop of 5.88 percentage points from the 26.64 per cent recorded in November 2024, underscoring a gradual easing of inflationary pressures over the year.
