Nigeria’s Inflation Moderates to 14.45% in November

Nigeria’s headline inflation rate slowed for the second month in a row, easing to 14.45% in November 2025 from 16.05% in October, according to the latest Consumer Price Index (CPI) report released Monday by the National Bureau of Statistics (NBS).

The November figure represents a 1.6 percentage point decline from October. On a year-on-year basis, inflation decelerated sharply by 20.15 percentage points compared to November 2024, when the rate stood at 34.60%.

However, the month-on-month inflation rate in November rose to 1.22%, up from 0.93% in October, indicating renewed short-term price pressures.

Food Inflation Slows Significantly Due to Base-Year Adjustment

The NBS report showed that food inflation fell to 11.08% year-on-year in November, a steep drop of 28.85 percentage points from the 39.93% recorded in November 2024. The Bureau explained that the sharp decline is largely due to the technical effect of a revised base year.

Month-on-month, food inflation rose to 1.13%, reversing the negative rate of -0.37% recorded in October. The Bureau attributed the rise to increasing prices of key food items including dried tomatoes, cassava tubers, periwinkle, ground pepper, eggs, crayfish, unshelled melon (egusi), oxtail, and fresh onions.

The average annual food inflation rate for the 12 months ending November 2025 stood at 19.68%, down by 18.99 percentage points from the 38.67% recorded in the corresponding period of 2024.

State-Level Variations

Kogi (17.83%), Ogun (16.52%), and Rivers (16.11%) recorded the highest year-on-year food inflation rates, while Imo (3.52%), Katsina (3.65%), and Akwa Ibom (4.52%) posted the slowest increases.

On a month-on-month basis, Yobe (9.52%), Katsina (6.61%), and Ondo (6.04%) saw the highest food inflation spikes, whereas Imo (-6.49%), Nasarawa (-5.48%), and Enugu (-2.54%) reported declines.

Core Inflation Also Declines

Core inflation—excluding volatile food and energy items—fell to 18.04% year-on-year in November, down from 28.75% in November 2024. On a month-on-month basis, core inflation dipped to 1.28%, compared to 1.42% in October.

The average core inflation rate for the 12 months ending November 2025 was 20.76%, representing a decrease of 5.88 percentage points from the 26.64% recorded a year earlier.