New CPI report shows broad declines across headline, food, urban, and rural inflation, marking Nigeria’s seventh straight month of easing price pressures….
Nigeria’s headline inflation rate eased further in October 2025, dropping to 16.05 per cent from the 18.02 per cent reported in September, according to new data released by the National Bureau of Statistics (NBS) on Monday.
The latest Consumer Price Index (CPI) report shows a 1.96 percentage-point decline between September and October, extending the country’s streak of easing inflation to seven consecutive months, a trend that began in April 2025.
On a year-on-year basis, inflation slowed sharply compared to October 2024. The report shows that the headline rate is now 17.82 percentage points lower than the 33.88 per cent recorded one year earlier.
However, month-on-month inflation ticked up slightly to 0.9 per cent, an increase of 0.21 percentage points from the 0.72 per cent posted in September 2025.
Food Inflation
The NBS report indicates that food inflation moderated significantly in October 2025, standing at 13.12 per cent year-on-year. This represents a substantial 26.04 percentage-point reduction from the 39.16 per cent recorded in October 2024.
The Bureau explained that the notable drop in annual food inflation is partly linked to a technical adjustment arising from a change in the base year.
Month-on-month, food inflation moved to -0.37 per cent, an increase of 1.21 percentage points from the -1.57 per cent recorded in September. The NBS attributed the monthly rise to increases in average prices of key food items such as fresh onions, oranges, pineapples, shrimp, unshelled groundnuts, vegetables like ugu and okazi leaves, and various meats including goat meat, cow tail and liver.
The average annual food inflation rate for the twelve months ending October 2025 was 21.96 per cent, which is 16.16 percentage points lower than the 38.12 per cent recorded in the corresponding period of 2024.
Urban Inflation
Urban inflation also continued its downward trajectory. On a year-on-year basis, the urban inflation rate in October 2025 was 15.65 per cent, marking a 20.73 percentage-point decline from the 36.38 per cent posted in October 2024.
Month-on-month urban inflation rose to 1.14 per cent, up 0.4 percentage points from 0.74 per cent in September.
The twelve-month average for urban inflation stood at 22.68 per cent in October 2025, a drop of 11.84 percentage points from 34.52 per cent recorded in the same month of 2024.
Rural Inflation
Rural inflation followed the same pattern of decline. The rural inflation rate for October 2025 was 15.86 per cent year-on-year, down 15.73 percentage points from the 31.59 per cent recorded in October 2024.
On a month-on-month basis, rural inflation slowed to 0.45 per cent, a decrease of 0.22 percentage points from 0.67 per cent in September 2025.
The twelve-month average rural inflation rate was 20.81 per cent in October 2025, representing a 9.42 percentage-point decline from the 30.24 per cent recorded in October 2024.
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