Nigeria’s Inflation Rate Eases to 14.45% in November 2025, Marking a Significant Decline

Nigeria’s headline inflation rate has continued its downward trend, easing to 14.45% in November 2025 from 16.05% in October, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS). The report attributes this moderation to the new base year, which has been set at 2024 instead of 2009.

The Consumer Price Index rose to 130.5 points in November, a 1.6-point increase from the preceding month (128.9). On a month-on-month basis, headline inflation stood at 1.22% in November, higher than the 0.93% recorded in October, indicating that average prices still increased at a faster pace during the month despite the moderation in annual inflation.

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.

The NBS report also highlighted that urban inflation stood at 13.61% year on year in November 2025, representing a steep decline of 23.49 percentage points from the 37.10% recorded in November 2024. In contrast, rural inflation was higher at 15.15% year on year in November, although this was still 17.12 percentage points lower than the 32.27% recorded in the corresponding period of 2024.

The average CPI for the twelve months ending November 2025 increased by 20.41% compared with the average of the preceding twelve months, representing a sharp slowdown from the 32.77% recorded in November 2024. This development is seen as a positive indicator of the country’s economic trajectory, with policymakers likely to view the moderation in inflation as a welcome relief.