Nigeria’s headline inflation rate showed a notable easing in November 2025, falling to 14.45 per cent from the 16.05 per cent recorded in October, according to figures released by the National Bureau of Statistics (NBS).
The decline marks a steady slowdown after months of elevated price pressures that had strained household budgets across the country.
The NBS report indicated that the Consumer Price Index (CPI) increased to 130.5 in November, up from 128.9 in October, reflecting a 1.6-point month-on-month growth.
Food inflation, which remained the largest contributor to overall price movements, fell to 11.08 per cent year-on-year in November from 13.12 percent in October.
Core inflation, excluding volatile items such as agricultural products and energy, stood at 18.04 per cent annually, down from 28.75 per cent in the same period last year.
Urban areas experienced relatively lower inflation compared with rural regions.
Urban inflation dropped to 13.61 percent year-on-year, significantly lower than the 37.10 per cent seen in November 2024.
Conversely, rural inflation was slightly higher at 15.15 percent but still reflected a substantial reduction compared with the previous year’s figures.
Month-on-month price pressured were more pronounced in rural areas, with a jump to 1.88 percent, compared with 0.95 percent in urban centers.
Breaking down contributors to the headline rate, food and non-alcoholic beverages added 5.78 percentage points, restaurants and accommodation services contributed 1.87 points, and transport added 1.54 points.
Housing, utilities, education, and healthcare accounted for smaller but notable portions of the inflationary pressures.
The NBS also noted that while annual food inflation moderated sharply compared to 2024 levels, month-on-month increases were observed in staples such as dried tomatoes, cassava, eggs, crayfish, and onions, reflecting seasonal supply pressures.
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, commenting on the latest figures, emphasised that inflation remains at double-digit levels and requires continued monetary vigilance.
The CBN has maintained its main interest rate at 27 per cent while adjusting its Standing Facility corridor to encourage banks to lend more actively, supporting economic growth and reducing inflationary pressures over time.
Analysts described the November moderation as a positive signal for the economy, suggesting that policy adjustments and improved supply conditions we’re beginning to temper the sharp price increases seen in previous years.
However, with core inflation still elevated, experts warned that sustained efforts are needed to ensure that price stability is maintained going into 2026.
