Headline Inflation eased to 14.45% in November 2025

Nigeria’s headline inflation rate continued its downward trajectory in November 2025, easing to 14.45% relative to the 16.05% recorded in October 2025. On a year-on-year basis, inflation fell sharply by 20.15% from 34.60% recorded in November 2024, largely reflecting a base-year adjustment. The Consumer Price Index (CPI) rose to 130.5 points in November from 128.9 in October, representing a 1.6-point increase. On a month-on-month basis, inflation rose to 1.22% in November, which was 0.29% higher than the rate recorded in October 2025 (0.93%), showing a higher rate of price increases. The 12-month average inflation rate stood at 20.41% for the twelve months ending November 2025, down from 32.77% in November 2024, signaling sustained broad-based disinflation.

Disaggregating the inflation, urban inflation eased to 13.61% year-on-year in November 2025, a significant decline from 37.10% in the same month of 2024. However, it eased month-on-month to 0.95% from 1.14% in October. The 12-month average urban inflation rate also dropped to 20.80% in November 2025, which was 14.27% points lower compared to the 35.07% reported in November 2024. Similarly, rural inflation stood at 15.15% year-on-year, lower by 17.12% compared to the 32.27% recorded in November 2024. On a monthly basis, it rose to 1.88% from 0.45% in October, while the 12-month average rural inflation rate declined to 19.46% from 30.71% a year earlier (November 2024).Food inflation, a key component of headline inflation, dropped markedly to 11.08% year-on-year from 39.93% in November 2024, partly due to the base-year effect. On a month-on-month basis, the Food inflation rate in November 2025 was 1.13%, up by 1.5% compared to October 2025 (-0.37%). The increase can be attributed to the rate of increase in the average prices of Tomatoes (Dried), Cassava Tuber, Periwinkle (Shelled), Grounded Pepper, Eggs, Crayfish, Melon (Egusi) Unshelled, Oxtail, Onions (Fresh), etc. The 12-month average food inflation rate also fell to 19.68% for the twelve months ending November 2025, compared with the 38.67% recorded in November 2024.

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 18.04% in November 2025 on a year-on-year basis, showing a decline of 10.71% when compared to the 28.75% recorded in November 2024. On a month-on-month basis, the Core Inflation rate was 1.28% in November 2025, down by 0.14% compared to October 2025 (1.42%). The average twelve-month annual inflation rate was 20.76% for the twelve months ending November 2025, which was 5.88% points lower than the 26.64% recorded in November 2024.