Nigeria’s headline inflation rate slowed to 14.45 per cent in November 2025, the National Bureau of Statistics has revealed, signaling a moderation in consumer price pressures following the adoption of a new base year.
According to the NBS Consumer Price Index, report published on Monday, the CPI increased to 130.5 points in November from 128.9 points in October, reflecting a 1.6-point month-on-month rise.
Despite this monthly increase, the year-on-year inflation rate fell from 16.05 per cent in October to 14.45 per cent in November.
“The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month,” the report stated. “Headline inflation eased to 14.45 per cent relative to the October 2025 rate of 16.05 per cent.”
The statistical agency noted that inflation remained elevated on a month-on-month basis, with a 1.22 per cent increase in November compared to 0.93 per cent in October, indicating that prices continued to rise despite the annual moderation.
The report highlighted that the decline in headline inflation is largely due to the rebasing exercise, which updated the base year from 2009 to 2024. On a year-on-year basis, headline inflation was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024.
Food and non-alcoholic beverages remained the largest contributors to inflation, accounting for 5.78 percentage points.
This was followed by restaurants and accommodation services (1.87 points), and transport (1.54 points). Housing, utilities, education, and health also contributed to the increase, though to a lesser extent.
Urban inflation fell sharply to 13.61 per cent year-on-year in November, while rural inflation stood at 15.15 per cent.
However, monthly rural inflation surged to 1.88 per cent from 0.45 per cent in October, reflecting stronger price pressures outside urban centres.
On food prices, the NBS reported a significant moderation, with annual food inflation falling to 11.08 per cent from 39.93 per cent in November 2024.
“Month-on-month food inflation rose to 1.13 per cent, driven by increases in dried tomatoes, cassava tubers, ground pepper, eggs, and other staples,” the agency explained.
Core inflation, which excludes volatile food and energy prices, also eased to 18.04 per cent year-on-year in November, down from 28.75 per cent in the same period last year.
At the state level, Rivers recorded the highest annual inflation at 17.78 per cent, followed by Ogun (17.65 per cent) and Ekiti (16.77 per cent). Plateau reported the lowest at 9.13 per cent. Meanwhile, Bayelsa experienced the highest month-on-month inflation at 6.58 per cent.
The NBS urged caution in comparing inflation rates across states, noting that differences in consumption patterns can make direct comparisons misleading.
