Nigeria’s headline inflation rate declined further in November 2025, reflecting moderated price pressures following the adoption of a new base year, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
In the report published on Monday, the NBS said the CPI increased to 130.5 points in November from 128.9 points in October, indicating a month-on-month rise in average prices. However, on an annual basis, headline inflation slowed to 14.45 per cent, down from 16.05 per cent recorded in October 2025.
“The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month (128.9),” the bureau said.
“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 added that the year-on-year headline inflation rate declined by 1.6 percentage points when compared with October, underscoring a continued slowdown in annual inflation.
Despite the moderation on a yearly basis, month-on-month headline inflation accelerated to 1.22 per cent in November, from 0.93 per cent in October, suggesting that prices still rose faster within the month.
The statistics agency explained that the sharp drop in annual inflation was largely due to the rebasing of the CPI, with 2024 adopted as the new base year instead of 2009. As a result, headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024.
Data from the report also showed that the average CPI for the twelve months ending November 2025 rose by 20.41 per cent, a significant slowdown from the 32.77 per cent increase recorded in the corresponding period of 2024.
Food and non-alcoholic beverages remained the biggest contributor to headline inflation on a year-on-year basis, accounting for 5.78 percentage points. This was followed by restaurants and accommodation services at 1.87 percentage points and transport at 1.54 percentage points. Housing, water, electricity, gas and other fuels contributed 1.22 percentage points, while education and health services added 0.90 and 0.88 percentage points, respectively.
On a month-on-month basis, food and non-alcoholic beverages again led 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.
Inflation trends differed across locations. Urban inflation stood at 13.61 per cent year on year in November 2025, down sharply from 37.10 per cent in November 2024. Month-on-month urban inflation slowed to 0.95 per cent from 1.14 per cent in October, while the twelve-month average eased to 20.80 per cent.
Rural inflation, however, remained higher at 15.15 per cent year on year, though this was still significantly lower than the 32.27 per cent recorded a year earlier. Month-on-month rural inflation jumped to 1.88 per cent in November from 0.45 per cent in October, indicating stronger short-term price pressures in rural areas.
Food inflation also recorded a sharp annual slowdown. According to the NBS, food inflation fell to 11.08 per cent year on year in November 2025, compared with 39.93 per cent in November 2024. On a month-on-month basis, however, food inflation rose to 1.13 per cent from a contraction of 0.37 per cent in October, driven by higher prices of items such as dried tomatoes, cassava tubers, eggs, crayfish, ground pepper, egusi, oxtail and fresh onions.
The average annual food inflation rate for the twelve months ending November 2025 stood at 19.68 per cent, down from 38.67 per cent in the same period of 2024.
Core inflation, which excludes volatile food and energy prices, eased to 18.04 per cent year on year in November, compared with 28.75 per cent a year earlier. Month-on-month core inflation declined slightly to 1.28 per cent from 1.42 per cent in October, while the twelve-month average fell to 20.76 per cent.
Other sub-indices showed farm produce inflation at 0.79 per cent in November, up from zero per cent in October, while energy inflation rose to 1.08 per cent from 0.50 per cent. Services inflation increased to 1.82 per cent, and goods inflation edged up to 0.79 per cent.
At the state level, Rivers recorded the highest year-on-year all-items inflation rate at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau posted the lowest rate at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent.
On a month-on-month basis, Bayelsa recorded the steepest increase at 6.58 per cent, followed by Gombe at 5.11 per cent and Edo at 4.45 per cent, while Plateau, Delta and Kaduna recorded declines.
Food inflation data at the state level showed that Kogi had the highest year-on-year increase at 17.83 per cent, followed by Ogun at 16.52 per cent and Rivers at 16.11 per cent. Imo, Katsina and Akwa Ibom recorded the slowest increases. Month-on-month food inflation was highest in Yobe at 9.52 per cent, Katsina at 6.61 per cent and Ondo at 6.04 per cent, while Imo, Nasarawa and Enugu recorded declines.
