Nigeria’s headline inflation rate declined to 14.45 per cent in November 2025, easing from 16.05 per cent in October, according to the latest Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS).
The moderation represents a 1.6 percentage-point drop month-on-month, marking a continued slowdown after years of steep price increases that had fueled a severe cost-of-living crisis across the country.
The NBS attributed the recent disinflation partly to its rebasing of the CPI, including adjustments to the base year and the weighting of items in the consumer basket. Consumer inflation had peaked at nearly 35 per cent in December 2024 before beginning a gradual decline.
According to the report, the CPI rose to 130.5 points in November 2025, up from 128.9 in October, indicating slower but still persistent price increases.
Food Inflation Trends
Food inflation also moderated, falling to 11.08 per cent year on year in November, compared with 13.12 per cent in October. On an annual basis, food inflation declined sharply by 28.85 percentage points, from 39.93 per cent in November 2024, offering some relief to households.
Contributors to Inflation
On a year-on-year basis, the largest contributors to headline inflation were:
- Food and non-alcoholic beverages: 5.78 percentage points
- Restaurants and accommodation services: 1.87 percentage points
- Transport: 1.54 percentage points
- Housing, water, electricity, gas and other fuels: 1.22 percentage points
- Education services: 0.90 percentage points
- Health: 0.88 percentage points
At the month-on-month level, price increases were again driven mainly by:
- Food and non-alcoholic beverages: 0.49 percentage points
- Restaurants and accommodation services: 0.16 percentage points
- Transport: 0.13 percentage points
Urban vs Rural Inflation
Urban inflation stood at 13.61 per cent year on year in November 2025, a significant decline of 23.49 percentage points 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 12-month average eased to 20.80 per cent.
Rural inflation remained higher at 15.15 per cent year on year, though this was still 17.12 percentage points lower than the 32.27 per cent recorded in November 2024. However, month-on-month rural inflation rose sharply to 1.88 per cent, up from 0.45 per cent in October, indicating stronger short-term price pressures in rural areas.
Overall, the November figures suggest a broad-based slowdown in inflation, though disparities between urban and rural areas and persistent food price pressures continue to pose challenges for households and policymakers.
