Nigeria’s headline inflation rate eased further in November 2025 as consumer price pressures moderated under the new base year, the National Bureau of Statistics (NBS) reported
According to the NBS Consumer Price Index (CPI) report released on Monday, the CPI rose to 130.5 points in November from 128.9 points in October, marking a 1.6-point month-on-month increase. Despite this, the headline inflation rate fell to 14.45 per cent year-on-year, down from 16.05 per cent in October.
The report noted that on a month-on-month basis, headline inflation stood at 1.22 per cent in November, higher than 0.93 per cent in October, indicating that prices continued to rise in the short term despite the easing in annual inflation. On a year-on-year basis, inflation was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the effect of the rebasing exercise, which reset the base year from 2009 to 2024.
The twelve-month average CPI ending November 2025 increased by 20.41 per cent, a sharp slowdown from the 32.77 per cent recorded in the same period in 2024. Food and non-alcoholic beverages remained the largest contributors to headline inflation, accounting for 5.78 percentage points, followed by restaurants and accommodation services (1.87 points) and transport (1.54 points). Housing, water, electricity, gas and other fuels contributed 1.22 points, while education and health accounted for 0.90 and 0.88 points, respectively.
On a monthly basis, food and non-alcoholic beverages contributed 0.49 percentage points to price increases, followed by restaurants and accommodation at 0.16 points and transport at 0.13 points.
Regional analysis showed urban inflation at 13.61 per cent year-on-year, down from 37.10 per cent in November 2024, while rural inflation was higher at 15.15 per cent, though still significantly lower than the 32.27 per cent recorded a year earlier. Month-on-month, urban inflation slowed to 0.95 per cent, while rural inflation rose sharply to 1.88 per cent, reflecting stronger price pressures in rural areas.
Food inflation moderated significantly on an annual basis, falling to 11.08 per cent in November 2025 from 39.93 per cent in November 2024, though month-on-month food prices rose by 1.13 per cent following a contraction of 0.37 per cent in October. Key contributors included dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. The twelve-month average food inflation was 19.68 per cent, compared with 38.67 per cent in the previous year.
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