By Nchetachi Chukwuajah
The National Bureau of Statistics (NBS) has said Nigeria’s headline inflation rate eased further in November 2025 to 14.45 per cent.
This was contained in its latest Consumer Price Index (CPI) report published on its website on Monday, December 15.
The NBS said the headline inflation rate declined by 1.6 per cent month-on-month to 14.45 per cent in November, compared to the 16.05 per cent recorded in October.
It added that the CPI rose to 130.5 points in November 2025 from 128.9 points in October, reflecting a 1.6-point increase month-on-month.
The NBS report read: “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 ieadline inflation rate.”
It noted that on a month-on-month basis, headline inflation stood at 1.22 percent in November, higher than the 0.93 per cent recorded in October, an indication that average prices still increased at a faster pace during the month despite the moderation in annual inflation.
On a year-on-year basis, the NBS noted that headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the effect of the rebasing exercise, with the new base year set at 2024 instead of 2009.
The report further showed that the average CPI for the 12 months ending November 2025 increased by 20.41 per cent compared with the average of the preceding 12 months, representing a sharp slowdown from the 32.77 per cent recorded in November 2024.
It stated 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, followed by restaurants and accommodation services at 1.87 percentage points and transport at 1.54 percentage points.
Housing, water, electricity, gas, and other fuels contributed 1.22 percentage points, while education services and health accounted for 0.90 and 0.88 percentage points, respectively.
At the month-on-month level, food and non-alcoholic beverages also drove price increases, contributing 0.49 percentage points, followed by restaurants and accommodation services at 0.16 percentage points and transport at 0.13 percentage points.
According to the NBS, urban inflation stood at 13.61 per cent year-on-year in November 2025, showing a 23.49 percentage point decline from the 37.10 per cent recorded in November 2024.
Urban inflation declined on a month-on-month basis to 0.95 percent from 1.14 percent in October, while the 12-month average urban inflation rate eased to 20.80 per cent.
On the other hand, rural inflation stood at 15.15 per cent year-on-year in November, but was still 17.12 percentage points lower than the 32.27 per cent recorded in November 2024.
Rural inflation rose sharply on a month-on-month basis to 1.88 per cent from 0.45 per cent in October.
Food inflation stood at 11.08 per cent year-on-year in November 2025, representing a 28.85 percentage points drop from the 39.93 per cent recorded in November 2024, indicating moderate food inflation on an annual basis.
On a month-on-month basis, however, food inflation increased to 1.13 per cent from 0.37 per cent in October, driven by price increases in 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 12 months ending November 2025 was 19.68 percent, compared with 38.67 per cent in November 2024.
The NBS reported that core inflation, which excludes volatile agricultural produce and energy prices, dropped to 18.04 percent year-on-year in November 2025 from 28.75 per cent in the corresponding period of 2024.
Core inflation decreased slightly on a month-on-month basis, to 1.28 percent from 1.42 per cent in October, while the 12-month average core inflation rate fell to 20.76 per cent.
