Nigeria’s inflation rate has eased further, with the consumer price index rising to 130.5 points in November 2025, a 1.6-point increase from the previous month. According to the National Bureau of Statistics, the headline inflation rate declined to 14.45% year on year, down from 16.05% in October 2025. This decrease reflects a moderation in consumer price pressures under the new base year.
The NBS report indicates that the movement in the November 2025 headline inflation rate showed a decrease of 1.6% compared to the October 2025 rate. On a month-on-month basis, headline inflation stood at 1.22%, higher than the 0.93% recorded in October, indicating that average prices still increased at a faster pace during the month despite the moderation in annual inflation.
The statistical agency notes that the new base year, set at 2024 instead of 2009, has significantly impacted the inflation rate. As a result, headline inflation in November 2025 was 20.15 percentage points lower than the 34.60% recorded in November 2024. The average CPI for the twelve months ending November 2025 increased by 20.41%, representing a sharp slowdown from the 32.77% recorded in November 2024.
Food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 5.78 percentage points. Urban inflation stood at 13.61% year on year, while rural inflation was higher at 15.15%. Food inflation also moderated significantly, standing at 11.08% year on year, down by 28.85 percentage points from 39.93% in November 2024.
The NBS report highlights that core inflation, which excludes volatile agricultural produce and energy prices, stood at 18.04% year on year. The average annual food inflation rate for the twelve months ending November 2025 was 19.68%, compared with 38.67% in the corresponding period of 2024.
At the state level, Rivers recorded the highest year-on-year all-items inflation rate at 17.78%, followed by Ogun at 17.65% and Ekiti at 16.77%. Plateau recorded the lowest year-on-year inflation at 9.13%. The NBS cautions that interstate comparisons should be interpreted carefully, noting that CPI weights vary across states based on consumption patterns.
The decline in Nigeria’s inflation rate is a positive development, indicating a moderation in consumer price pressures. However, the NBS report suggests that price increases still persist, particularly in food and non-alcoholic beverages. As the country continues to navigate its economic challenges, monitoring inflation trends will remain crucial for policymakers and stakeholders.
