Nigeria’s headline inflation rate reduced further in November 2025 as consumer price pressures moderated under the new base year, according to the latest Consumer Price Index report released by the National Bureau of Statistics. In the report published on its website on Monday, NBS said 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.
On a year-on-year basis, the headline inflation rate was 20.15 percent lower than the rate recorded in November 2024 (34.60 percent). While on a month-on-month basis, the headline inflation rate in November 2025 was 1.22 percent, which was 0.29 percent higher than the rate recorded in October 2025 (0.93 percent).
The report showed that food inflation rate in November 2025 was 11.08 percent on a year-on-year basis. This was 28.85 percent points lower compared to the rate recorded in November 2024 (39.93 percent).
It noted that the significant decline in the annual food inflation figure is technically due to the change in the base year.
On a month-on-month basis, the food inflation rate in November 2025 was 1.13 percent, up by 1.5 percent compared to October 2025 (-0.37 percent). The increase, according to the Bureau is attributed to the rate of increase in the average prices of Tomatoes (Dried), Cassava Tuber, Periwinkle (Shelled), Grounded Pepper, Eggs, Crayfish, Melon (Egusi) Unshelled, Oxtail, Onions (Fresh), etc.
“The average annual rate of Food inflation for the twelve months ending November 2025 over the previous twelve-month average was 19.68 percent, which was 18.99 percent points lower compared with the average annual rate of change recorded in November 2024 (38.67 percent),” the report stated.
In November 2025, food inflation on a Year-on-Year basis was highest in Kogi (17.83 percent), Ogun (16.52 percent), and Rivers (16.11 percent), while Imo (3.52 percent), Katsina (3.65 percent), and Akwa Ibom (4.52 percent) recorded the slowest rise in food inflation on a Year-on-Year basis.
On a Month-on-Month basis, however, November 2025 food inflation was highest in Yobe (9.52 percent), Katsina (6.61 percent) and Ondo (6.04 percent), while Imo (-6.49 percent), Nasarawa (-5.48 percent), and Enugu (-2.54 percent) recorded a decline in food inflation on a Month-on-Month basis.
Also, all items less farm produces and energy, which excludes the prices of volatile agricultural produces and energy, stood at 18.04 percent in November 2025 on a year-on-year basis; showing a decline of 10.71 percent when compared to the 28.75 percent recorded in November 2024.
On a month-on-month basis, the core inflation rate was 1.28 percent in November 2025, down by 0.14 percent compared to October 2025 (1.42 percent). The average twelve-month annual inflation rate was 20.76 percent for the twelve months ending November 2025, which was 5.88 percent points lower than the 26.64 percent recorded in November 2024.
