Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent in October, marking a 1.6 percentage-point month-on-month decline, according to the latest data released by the National Bureau of Statistics (NBS) on Monday.
The moderation comes after years of sustained price pressures that triggered a severe cost-of-living crisis across the country.
The NBS attributed the slowdown partly to statistical adjustments, noting that consumer inflation had peaked at nearly 35 per cent in December 2024 before easing following the revision of the CPI base year and re-weighting of items in the price basket.
CPI and Annual Trends
The report showed that the Consumer Price Index (CPI) rose to 130.5 points in November 2025, representing a 1.6-point increase from 128.9 points in October.
“In November 2025, the Headline inflation rate eased to 14.45 per cent relative to the October 2025 rate of 16.05 per cent,” the NBS stated.
“This represents a decrease of 1.6 percentage points month-on-month.”
On an annual basis, the average CPI for the 12 months ending November 2025 increased by 20.41 per cen, a sharp deceleration from 32.77 per cent recorded in November 2024.
Food Inflation Eases Year-on-Year
Food inflation moderated significantly, standing at 11.08 per cent year-on-year in November, down from 13.12 per cent in October and 39.93 per cent in November 2024.
The 12-month average food inflation rate fell to 19.68 per cent, compared with 38.67 per cent in the corresponding period of 2024.
However, month-on-month food inflation rebounded to 1.13 per cent, from a contraction of 0.37 per cent in October, driven by rising prices of items such as dried tomatoes, cassava tubers, eggs, crayfish, ground pepper, egusi, oxtail, fresh onions, and shelled periwinkle.
Key Contributors to Inflation
On a year-on-year basis, food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 5.78 percentage points. This was followed by:
- Restaurants and accommodation services – 1.87 pp
- Transport – 1.54 pp
- Housing, water, electricity, gas and other fuels – 1.22 pp
- Education services – 0.90 pp
- Health – 0.88 pp
Month-on-month, food and non-alcoholic beverages again led price increases, contributing 0.49 percentage points, followed by restaurants and accommodation services (0.16 pp) and transport (0.13 pp).
Urban vs Rural Inflation
Urban inflation stood at 13.61 per cent year-on-year in November 2025, a steep decline from 37.10 per cent in November 2024. On a month-on-month basis, urban inflation slowed to 0.95 per cent from 1.14 per cent in October, while the 12-month average eased to 20.80 per cent.
Rural inflation, however, remained higher at 15.15 per cent year-on-year, though still 17.12 percentage points lower than the 32.27 per cent recorded a year earlier. Month-on-month rural inflation accelerated to 1.88 per cent, up sharply from 0.45 per cent in October, reflecting stronger price pressures in rural areas.
Core, Energy and Farm Produce Inflation
Core inflation which excludes volatile food and energy items stood at 18.04 per cent year-on-year, down from 28.75 per cent in November 2024. Month-on-month core inflation eased slightly to 1.28 per cent, while the 12-month average fell to 20.76 per cent.
Farm produce inflation rose to 0.79 per cent in November, compared with zero per cent in October, while energy inflation increased to 1.08 per cent from 0.50 per cent.
CBN Maintains Tight Monetary Stance
Despite the easing inflation trend, the Central Bank of Nigeria (CBN) said inflation remains elevated and requires sustained policy efforts.
CBN Governor Olayemi Cardoso said the Monetary Policy Committee (MPC) maintained the Monetary Policy Rate (MPR) at 27 per cent, stressing that inflation, though moderating, remains in double digits.
“Headline inflation remains high, requiring sustained efforts towards moderating it further,” Cardoso said.
He added that the CBN adjusted the corridor around the MPR to +50 and –450 basis points, cutting the deposit rate to encourage banks to lend to the real sector rather than park funds with the apex bank.
About the Author
