Nigeria’s headline inflation rate eased again in November 2025, falling to 14.45 per cent, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
The NBS said the moderation followed the adoption of a new base year, even though prices of goods and services continued to rise month by month.
In the report published on Monday, the statistics agency said the Consumer Price Index increased to 130.5 points in November from 128.9 points in October, representing a 1.6-point rise.
“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,” the NBS stated.
The bureau added that the inflation rate dropped by 1.6 percentage points when compared with October on a year-on-year basis.
However, on a month-on-month basis, headline inflation rose to 1.22 per cent in November, higher than the 0.93 per cent recorded in October, showing that prices still increased faster during the month.
The NBS explained that the sharp drop in annual inflation was largely due to the rebasing exercise, with 2024 now used as the base year instead of 2009.
According to the report, headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024.
The average CPI for the 12 months ending November 2025 rose by 20.41 per cent compared with the previous 12-month period, slower than the 32.77 per cent recorded in November 2024.
Food and non-alcoholic beverages remained the biggest contributor to inflation, accounting for 5.78 percentage points on a year-on-year basis. This was followed by restaurants and accommodation services at 1.87 percentage points, transport at 1.54 percentage points, and housing, water, electricity, gas and other fuels at 1.22 percentage points.
Education and health services contributed 0.90 and 0.88 percentage points respectively.
On a month-on-month basis, food and non-alcoholic beverages also drove price increases, contributing 0.49 percentage points, followed by restaurants and accommodation services at 0.16 percentage points and transport at 0.13 percentage points.
The report showed that urban inflation stood at 13.61 per cent year on year in November, down sharply from 37.10 per cent recorded in the same period of 2024.
Urban inflation slowed to 0.95 per cent month on month, while the 12-month average urban inflation rate eased to 20.80 per cent.
Rural inflation was higher at 15.15 per cent year on year in November, though still lower than the 32.27 per cent recorded in November 2024. Month-on-month rural inflation rose sharply to 1.88 per cent from 0.45 per cent in October.
Food inflation also eased on an annual basis. The NBS said food inflation stood at 11.08 per cent year on year in November 2025, compared with 39.93 per cent in November 2024.
However, month-on-month food inflation increased to 1.13 per cent from a decline of 0.37 per cent in October, driven by higher prices of items such as dried tomatoes, cassava tubers, eggs, crayfish, egusi, ground pepper, fresh onions and oxtail.
Core inflation, which excludes food and energy, dropped to 18.04 per cent year on year from 28.75 per cent in November 2024. On a month-on-month basis, core inflation eased slightly to 1.28 per cent.
At the state level, Rivers recorded the highest year-on-year inflation at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau recorded the lowest at 9.13 per cent.
The NBS advised that state-by-state inflation figures should be interpreted with caution, noting that differences in consumption patterns affect CPI weights across states.
