Nigeria's headline inflation rate showed a significant decrease in November 2025, easing to 14.45 per cent according to the latest data from the National Bureau of Statistics (NBS). This marks a notable drop from the 16.05 per cent rate recorded in the previous month of October.
Key Details from the NBS Consumer Price Index Report
The NBS, in its Consumer Price Index (CPI) report released on December 15, 2025, stated that the November figure represents a month-on-month decrease of 1.6 percentage points. On a year-on-year basis, the decline is even more dramatic, with the November 2025 rate being 20.15 percentage points lower than the 34.60 per cent recorded in November 2024. The bureau attributed this substantial annual comparison shift partly to a change in the computation base year to November 2009 = 100.
Despite the annual and monthly headline decline, the report highlighted a contrasting trend in the pace of price increases on a month-to-month basis. The monthly headline inflation rate actually rose to 1.22 per cent in November, up from 0.93 per cent in October. This indicates that while the annual rate is moderating, the immediate rate of price increase accelerated slightly.
Food and Core Inflation Show Mixed Trends
The data revealed a complex picture for food prices. Annual food inflation fell sharply to 11.08 per cent in November from 39.93 per cent in November 2024, a change also influenced by the new base year. However, on a month-on-month basis, food inflation increased to 1.13 per cent, reversing from a negative rate of -0.37 per cent in October. The NBS identified specific staples driving this monthly increase, including:
- Tomatoes and peppers
- Cassava tubers
- Periwinkle and crayfish
- Eggs and onions
- Melon and oxtail
Core inflation, which excludes volatile agricultural produce and energy costs, stood at 18.04 per cent year-on-year in November, down from 28.75 per cent a year earlier. The monthly core inflation rate was 1.28 per cent, slightly lower than October's 1.42 per cent.
State-by-State Variations and Overall Trend
The impact of inflation varied widely across Nigeria's states. For year-on-year food inflation, Kogi State recorded the highest increase at 17.83 per cent, followed by Ogun (16.52%) and Rivers (16.11%). Conversely, Imo (3.52%), Katsina (3.65%), and Akwa Ibom (4.52%) reported the lowest increases.
On a month-on-month basis, Yobe, Katsina, and Ondo states saw the highest increases in food prices, while Imo, Nasarawa, and Enugu actually experienced declines.
The NBS also reported that the average twelve-month annual inflation rate for the period ending November 2025 was 20.76 per cent. This represents a decrease of 5.88 percentage points compared to the 26.64 per cent average recorded for the twelve months ending November 2024.
This latest CPI data provides crucial insights for policymakers, businesses, and households navigating Nigeria's economic landscape, showing a broad annual moderation in price pressures alongside persistent monthly volatility in essential food items.
