The latest Consumer Price Index report released by the National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate dropped further in November 2025, as consumer price pressures moderated under the new base year.
According to the report published on the NBS website on Monday, the Consumer Price Index rose to 130.5 points in November 2025 from 128.9 points in October, reflecting a 1.6-point increase month on month, but the headline inflation rate declined to 14.45 per cent year on year, compared with 16.05 per cent recorded in October 2025.
The report read: “The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month (128.9). In November 2025, the Headline inflation rate eased to 14.45 per cent relative to the October 2025 headline inflation rate of 16.05 per cent. Looking at the movement, the November 2025 Headline inflation rate showed a decrease of 1.6 per cent compared to the October 2025 Headline inflation rate.”
The NBS further said that headline inflation stood at 1.22 per cent in November, on a month-on-month basis, higher than the 0.93 per cent recorded in October.
It further noted that on a year-on-year basis, headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, largely reflecting the effect of the rebasing exercise, with the new base year set at 2024 instead of 2009.
Data from the report showed that the average CPI for the twelve months ending November 2025 increased by 20.41 per cent compared with the average of the preceding twelve months, representing a sharp slowdown from the 32.77 per cent recorded in November 2024.
The report showed that food and non-alcoholic beverages remained the largest contributor to headline inflation on a year-on-year basis, accounting for 5.78 percentage points, followed by restaurants and accommodation services at 1.87 percentage points and transport at 1.54 percentage points. Housing, water, electricity, gas and other fuels contributed 1.22 percentage points, while education services and health accounted for 0.90 and 0.88 percentage points, respectively.
Month-on-month, food and non-alcoholic beverages also drove price increases, contributing 0.49 percentage points, followed by restaurants and accommodation services at 0.16 percentage points and transport at 0.13 percentage points.
A breakdown of inflation across locations showed that urban inflation stood at 13.61 per cent year on year in November 2025, representing a steep decline of 23.49 percentage points from the 37.10 per cent recorded in November 2024.
On a month-on-month basis, urban inflation slowed to 0.95 per cent from 1.14 per cent in October, while the twelve-month average urban inflation rate eased to 20.80 per cent.
Conversely, rural inflation was higher at 15.15 per cent year on year in November, although this was still 17.12 percentage points lower than the 32.27 per cent recorded in the corresponding period of 2024.
Month-on-month rural inflation accelerated sharply to 1.88 per cent from 0.45 per cent in October, reflecting stronger price pressures in rural areas during the month.
Food inflation also moderated significantly on an annual basis.
The NBS reported that food inflation stood at 11.08 per cent year on year in November 2025, down by 28.85 percentage points from 39.93 per cent recorded in November 2024.
However, month-on-month food inflation rose to 1.13 per cent from a contraction of 0.37 per cent in October, driven by price increases in items such as dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions.
The average annual food inflation rate for the twelve months ending November 2025 was 19.68 per cent, compared with 38.67 per cent in the corresponding period of 2024.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 18.04 per cent year on year in November 2025, down from 28.75 per cent in November 2024.
On a month-on-month basis, core inflation eased slightly to 1.28 per cent from 1.42 per cent in October, while the twelve-month average core inflation rate fell to 20.76 per cent.
Other sub-indices showed that farm produce inflation stood at 0.79 per cent in November, compared with zero per cent in October, while energy inflation rose to 1.08 per cent from 0.50 per cent.
Services inflation increased to 1.82 per cent from 1.54 per cent, and goods inflation rose to 0.79 per cent from 0.63 per cent in the previous month.
At the state level, Rivers recorded the highest year-on-year all-items inflation rate at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent.
Plateau recorded the lowest year-on-year inflation at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent.
On a month-on-month basis, Bayelsa recorded the highest increase at 6.58 per cent, followed by Gombe at 5.11 per cent and Edo at 4.45 per cent, while Plateau, Delta, and Kaduna recorded declines.
Food inflation at the state level showed that Kogi recorded the highest year-on-year increase at 17.83 per cent, followed by Ogun at 16.52 per cent and Rivers at 16.11 per cent.
Imo, Katsina, and Akwa Ibom recorded the slowest rise in food prices on a year-on-year basis. Month-on-month food inflation was highest in Yobe at 9.52 per cent, Katsina at 6.61 per cent, and Ondo at 6.04 per cent, while Imo, Nasarawa, and Enugu recorded declines.
The NBS, however, warned that interstate comparisons should be interpreted carefully, noting that CPI weights vary across states based on consumption patterns, which can make direct comparisons of inflation baskets misleading.
