Nigeria’s Inflation Rate Decelerates to 14.45%

Nigeria’s Inflation Rate Decelerates to 14.45%

Nigeria’s headline inflation rate slumped to 14.45% in November, the statistics office said in its consumer price index (CPI) report released in Abuja on Monday.

Based on the CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation eased by 160 basis points to 14.45% year on year in November from 16.05% in October 2025.

The report said on a year-on-year basis, the headline inflation rate was 20.15 per cent lower than the rate recorded in November 2024 at 34.60 per cent.

Furthermore, the report said on a month-on-month basis, the headline inflation rate in November 2025 was 1.22 per cent, which was 0.29 per cent higher than the rate recorded in October 2025 at 0.93 per cent.

“_This means that in November 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in October 2025.”

It said the three major contributors to the headline inflation year-on-year were Food and non-alcoholic Beverages at 7.78 per cent, Restaurants and Accommodation Services at 1.87 per cent, and Transport at 1.54per cent.

The report showed the least contributors were Recreation, Sport, and Culture at 0.04 per cent, Alcoholic Beverages, Tobacco, and Narcotics at 0.05 per cent, and Insurance and Financial Services at 0.07 per cent.

The report said the food inflation rate in November 2025 was 11.08 per cent on a year-on-year basis, which was 25.85 percentage points lower compared to the rate recorded in November 2024 at 39.93 per cent.

“The significant decline in the annual food inflation figure is technically due to the change in the base year.” It said on a month-on-month basis, the food inflation rate in November was 1.13 per cent, which increased by 1.5 per cent compared to the -0.37 per cent recorded in October 2025.

The NBS said the increase in food inflation on a month-on-month basis was attributed to the increase in average prices of items such as tomatoes (dried), Cassava Tuber and periwinkles (shelled). Others are Ground Pepper, Eggs, Crayfish, Melon (Egusi) Unshelled, Oxtail, Onions(fresh), among others.

The report said that “all items less farm produce and energy, or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 18.04 per cent in November 2025, on a year-on-year basis.

“On a month-on-month basis, the Core Inflation rate was 1.28 per cent in November, which decreased by 0.14 per cent compared to the 1.42 per cent recorded in October 2025.”

The report said that on a year-on-year basis in November 2025, the urban inflation rate was 13.61 per cent, which was 23.49 percentage points lower than 37.10 per cent in November 2024.

“On a month-on-month basis, the urban inflation rate was 0.95 per cent, which decreased by 0.18 per cent compared to October at 1.14 per cent.”

The report said that in November rural inflation rate was 15.15 per cent on a year-on-year basis, which was 17.12 percentage points lower than the 32.27 per cent in November 2024.

“On a month-on-month basis, the rural inflation rate was 1.88 per cent, which increased by 1.43 per cent compared to October at 0.45 per cent.”

Farm produce rate was 0.79 per cent in November 2025 compared to 0.00 per cent recorded in October 2025, while Energy rate stood at 1.08 per cent in November compared to 0.50 per cent in October.

Service rate stood at 1.82 per cent in November compared to 1.54 per cent in October, and Goods rate stood at 0.79 per cent in November compared to 0.63 per cent in October.

On states’ profile analysis, the report showed that in November, the all-items index inflation rate on a year-on-year basis was highest in Rivers at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent.

It said the slowest rise in headline inflation on a year-on-year basis was recorded in Plateau at 9.13 per cent, followed by Kebbi at 10.32 per cent, and Katsina at 10.60 per cent.

The report, however, said that in November 2025, the inflation rate on a month-on-month basis was highest in Bayelsa at 6.58 per cent, followed by Gombe at 5.11 per cent, and Edo at 4.45 per cent.

“Plateau at -2.54 per cent, followed by Delta at -2.38 per cent and Kaduna at -2.24 per cent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Kogi at 17.83 per cent, followed by Ogun at 16.52 per cent, and Rivers at 16.11 per cent.

“Imo at 3.52 per cent, followed by Katsina at 3.65 per cent and Akwa Ibom at 4.52 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report said on a month-on-month basis, food inflation was highest in Yobe at 9.52 per cent, followed by Katsina at 6.61 per cent, and Ondo at 6.04 per cent.

“Imo at -6.49 per cent, followed by Nassarawa at -5.48 per cent and Enugu at -2.54 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

The NBS said that based on the recent rebasing of the CPI, it rose to 130.5 in November 2025, which reflected a 1.6 percentage point increase from the 128.9 recorded in October 2025.

NBS recently rebased the CPI, bringing the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights. MTN Nigeria Hits 52-Week High as Investors Double Down Bets