Nigeria’s headline inflation eased further in November 2025 as consumer price pressures moderated, according to the National Bureau of Statistics (NBS).
The NBS Consumer Price Index (CPI) report released on Monday showed that the CPI rose to 130.5 points in November from 128.9 points in October, a month-on-month increase of 1.6 points. Despite this, the year-on-year headline inflation rate declined to 14.45 per cent from 16.05 per cent in October.
Month-on-month inflation stood at 1.22 per cent in November, higher than the 0.93 per cent recorded in October, indicating that prices continued to rise in the short term despite easing annual inflation. Compared to November 2024, headline inflation was 20.15 percentage points lower, reflecting the effect of rebasing the CPI from 2009 to 2024.
The twelve-month average CPI for the period ending November 2025 increased by 20.41 per cent, down from 32.77 per cent in the same period of 2024. Food and non-alcoholic beverages were the largest contributors to inflation, accounting for 5.78 percentage points, followed by restaurants and accommodation services at 1.87 points and transport at 1.54 points. Housing, water, electricity, gas, and other fuels contributed 1.22 points, while education and health accounted for 0.90 and 0.88 points, respectively.
Food and beverages also led month-on-month price increases, contributing 0.49 points, followed by restaurants and accommodation (0.16 points) and transport (0.13 points).
Regionally, urban inflation fell to 13.61 per cent year-on-year in November from 37.10 per cent in November 2024, while rural inflation was higher at 15.15 per cent but still significantly lower than the 32.27 per cent recorded a year earlier. Month-on-month, urban inflation slowed to 0.95 per cent, while rural inflation accelerated to 1.88 per cent, reflecting stronger price pressures in rural areas.
Food inflation moderated to 11.08 per cent year-on-year in November from 39.93 per cent in November 2024, although month-on-month food prices rose by 1.13 per cent following a 0.37 per cent contraction in October. Key contributors included dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. The twelve-month average food inflation was 19.68 per cent, down from 38.67 per cent in 2024.
Core inflation, which excludes volatile food and energy prices, fell to 18.04 per cent year-on-year in November from 28.75 per cent in November 2024, while month-on-month core inflation eased slightly to 1.28 per cent. Other sub-indices showed farm produce inflation at 0.79 per cent, energy inflation at 1.08 per cent, services inflation at 1.82 per cent, and goods inflation at 0.79 per cent.
At the state level, Rivers recorded the highest year-on-year all-items inflation at 17.78 per cent, followed by Ogun (17.65 per cent) and Ekiti (16.77 per cent), while Plateau had the lowest at 9.13 per cent. Month-on-month, Bayelsa led with a 6.58 per cent increase, followed by Gombe (5.11 per cent) and Edo (4.45 per cent), while Plateau, Delta, and Kaduna saw declines.
Food price movements at the state level showed Kogi with the highest year-on-year increase at 17.83 per cent, followed by Ogun (16.52 per cent) and Rivers (16.11 per cent). Month-on-month food inflation was highest in Yobe (9.52 per cent), Katsina (6.61 per cent), and Ondo (6.04 per cent), while Imo, Nasarawa, and Enugu recorded declines.
The NBS cautioned that interstate comparisons should be interpreted carefully, as CPI weights vary across states based on consumption patterns, making direct comparisons potentially misleading.
