Nigeria’s headline inflation rate eased further in November 2025, reflecting moderating consumer price pressures following the adoption of a new base year, the National Bureau of Statistics (NBS) has said.
In its latest Consumer Price Index (CPI) report released on Monday, the NBS said the CPI increased to 130.5 points in November from 128.9 points in October, representing a month-on-month rise of 1.6 points.
However, the headline inflation rate slowed to 14.45 per cent year on year, down from 16.05 per cent recorded in October.
“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 report read.
On a month-on-month basis, headline inflation rose to 1.22 per cent in November, higher than the 0.93 per cent recorded in October, indicating that average prices continued to increase at a faster pace despite the moderation in annual inflation.
The bureau noted that year-on-year headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, largely due to the rebasing exercise, with 2024 adopted as the new base year instead of 2009.
Data from the report showed that the average CPI for the twelve months ending November 2025 rose by 20.41 per cent compared with the preceding twelve-month period, a significant slowdown from the 32.77 per cent recorded in November 2024.
Food and non-alcoholic beverages remained the biggest contributors to headline inflation on a year-on-year basis, accounting for 5.78 percentage points.
This was 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 and health services accounted for 0.90 and 0.88 percentage points, respectively.
On a month-on-month basis, food and non-alcoholic beverages again led 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 by location showed that urban inflation stood at 13.61 per cent year on year in November, down sharply by 23.49 percentage points from 37.10 per cent in November 2024. Month-on-month urban inflation eased to 0.95 per cent from 1.14 per cent in October, while the twelve-month average urban inflation rate declined to 20.80 per cent.
Rural inflation, however, remained higher at 15.15 per cent year on year in November, though 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 to 1.88 per cent from 0.45 per cent in October.
Food inflation also moderated sharply on an annual basis, with the NBS reporting a year-on-year rate of 11.08 per cent in November 2025, down from 39.93 per cent in November 2024.
On a month-on-month basis, however, food inflation rose to 1.13 per cent from a contraction of 0.37 per cent in October, driven by higher prices of 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 stood at 19.68 per cent, compared with 38.67 per cent in the same period of 2024.
Core inflation, which excludes volatile agricultural produce and energy prices, slowed to 18.04 per cent year on year in November 2025 from 28.75 per cent in November 2024. Month-on-month core inflation eased to 1.28 per cent from 1.42 per cent in October, while the twelve-month average declined to 20.76 per cent.
Other indices showed that farm produce inflation rose to 0.79 per cent in November from zero per cent in October, while energy inflation increased to 1.08 per cent from 0.50 per cent. Services inflation climbed to 1.82 per cent from 1.54 per cent, and goods inflation rose to 0.79 per cent from 0.63 per cent.
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 posted the lowest rate at 9.13 per cent, with 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 data 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 increases.
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 cautioned that interstate comparisons should be interpreted with care, noting that differences in CPI weights across states, based on consumption patterns, could make direct comparisons misleading.