Nigeria’s inflation eases to 14.45% in November – NBS

Nigeria’s headline inflation rate declined further in November 2025, falling to 14.45 per cent from 16.05 per cent recorded in October, according to data released by the National Bureau of Statistics (NBS).

The NBS said the November figure represented a month-on-month drop of 1.6 percentage points, extending the downward trend in consumer prices.

Consumer inflation had peaked at nearly 35 per cent in December 2024 before moderating following the rebasing of the Consumer Price Index (CPI) and adjustments to the weighting of items in the inflation basket.

Food inflation also eased, dropping to 11.08 per cent year-on-year in November from 13.12 per cent in October, reflecting slower increases in the prices of food items.

According to the report, the CPI rose to 130.5 points in November 2025, up from 128.9 in the previous month, indicating a 1.6-point increase.

“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,” the NBS stated. “The movement in the headline inflation rate showed a decrease of 1.6 per cent compared to October 2025.”

On a 12-month average basis, the CPI for the period ending November 2025 increased by 20.41 per cent compared with the average of the preceding 12 months. This marked a significant 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. This was followed by restaurants and accommodation services at 1.87 percentage points, transport at 1.54 percentage points, and housing, water, electricity, gas and other fuels at 1.22 percentage points.

Education and health services also contributed to overall inflation, accounting for 0.90 and 0.88 percentage points, respectively.

The easing inflation figures suggest a gradual moderation in price pressures, although analysts note that cost-of-living challenges remain significant for households across the country.