Nigeria’s inflationary pressures continued to ease in November 2025, with the country’s headline inflation rate dropping further following the rebasing of the Consumer Price Index, according to new data released by the National Bureau of Statistics.
Figures published by the NBS on Monday, December 15, showed that although overall prices continued to rise month on month, the pace of inflation slowed significantly on an annual basis. The Consumer Price Index climbed to 130.5 points in November, up from 128.9 points in October, representing a 1.6 point increase. However, headline inflation fell to 14.45 per cent year on year, compared with 16.05 per cent in the previous month.
“The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month (128.9).
“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.
“Looking at the movement, the November 2025 Headline inflation rate showed a decrease of 1.6 per cent compared to the October 2025 Headline inflation rate,” the NBS report read.
Despite the improvement in the annual figure, prices still increased faster during the month, with headline inflation on a month on month basis rising to 1.22 per cent in November from 0.93 per cent in October.
The NBS explained that the sharp year on year moderation was largely due to the rebasing of the CPI, which now uses 2024 as the base year instead of 2009. Compared with November 2024, headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded a year earlier.
The average CPI for the twelve month period ending November 2025 rose by 20.41 per cent, a notable slowdown from the 32.77 per cent increase recorded in the corresponding period of 2024.
Food and non alcoholic beverages remained the biggest driver of inflation on an annual basis, contributing 5.78 percentage points to the headline figure. Restaurants and accommodation services followed at 1.87 percentage points, while transport accounted for 1.54 percentage points. Housing, water, electricity, gas and other fuels added 1.22 percentage points, with education and health contributing 0.90 and 0.88 percentage points respectively.
On a month on month basis, food and non alcoholic beverages were again the largest contributors to price increases, adding 0.49 percentage points. Restaurants and accommodation services contributed 0.16 percentage points, while transport added 0.13 percentage points.
Inflation trends varied across locations. Urban inflation stood at 13.61 per cent year on year in November 2025, down sharply from 37.10 per cent recorded in November 2024. Month on month urban inflation eased to 0.95 per cent from 1.14 per cent in October, while the twelve month average urban inflation rate declined to 20.80 per cent.
Rural inflation remained higher at 15.15 per cent year on year, though this was still 17.12 percentage points lower than the 32.27 per cent recorded in the same period last year. Month on month rural inflation, however, jumped to 1.88 per cent from 0.45 per cent in October, pointing to stronger short term price pressures in rural areas.
Food inflation also showed a significant slowdown on an annual basis. According to the NBS, food inflation dropped to 11.08 per cent year on year in November 2025, compared with 39.93 per cent in November 2024. On a monthly basis, however, food prices rose by 1.13 per cent after contracting by 0.37 per cent in October, driven by higher prices of items such as dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail and fresh onions.
The average annual food inflation rate for the twelve months ending November 2025 stood at 19.68 per cent, down from 38.67 per cent in the same period of 2024.
Core inflation, which excludes volatile food and energy components, declined to 18.04 per cent year on year in November 2025 from 28.75 per cent a year earlier. Month on month core inflation eased slightly to 1.28 per cent from 1.42 per cent in October, while the twelve month average core inflation rate fell to 20.76 per cent.
Other inflation components showed mixed movements. Farm produce inflation rose to 0.79 per cent in November from zero per cent in October. Energy inflation increased to 1.08 per cent from 0.50 per cent, while services inflation climbed to 1.82 per cent from 1.54 per cent. Goods inflation also edged up to 0.79 per cent from 0.63 per cent.
At the state level, Rivers recorded the highest year on year all items inflation rate at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau had the lowest rate at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent.
On a month on month basis, Bayelsa recorded the sharpest increase at 6.58 per cent, followed by Gombe at 5.11 per cent and Edo at 4.45 per cent, while Plateau, Delta and Kaduna recorded declines.
Food inflation data showed that Kogi recorded the highest year on year increase at 17.83 per cent, followed by Ogun at 16.52 per cent and Rivers at 16.11 per cent. On a monthly basis, food inflation was highest in Yobe at 9.52 per cent, Katsina at 6.61 per cent and Ondo at 6.04 per cent, while Imo, Nasarawa and Enugu recorded declines.
The NBS cautioned that comparisons across states should be treated carefully, noting that CPI weights differ based on consumption patterns, which means inflation baskets are not identical from one state to another.
#Nigerias #inflation #eased #November
Leave a Reply