The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate eased further in November 2025 following moderated consumer price pressures under the newly rebased index.
In its Consumer Price Index report released on Monday, the statistical agency said the CPI rose to 130.5 points in November from 128.9 points in October, representing a month-on-month increase of 1.6 points.
The report showed that headline inflation slowed to 14.45 per cent year on year in November, down from 16.05 per cent recorded in October 2025.
“The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month (128.9),” the NBS said.
“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.”
On a month-on-month basis, the NBS said headline inflation rose to 1.22 per cent in November from 0.93 per cent in October, indicating faster average price increases within the month.
The agency noted that year-on-year headline inflation in November was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024 due largely to the rebasing of the index to a 2024 base year from 2009.
The report showed that the average CPI for the twelve months ending November 2025 increased by 20.41 per cent compared with the preceding twelve-month average.
This represented a significant slowdown from the 32.77 per cent average inflation rate recorded in November 2024.
According to the NBS, food and non-alcoholic beverages remained the largest contributor to headline inflation on a year-on-year basis at 5.78 percentage points.
Restaurants and accommodation services followed with 1.87 percentage points, while transport contributed 1.54 percentage points.
Housing, water, electricity, gas and other fuels accounted for 1.22 percentage points, while education services and health contributed 0.90 and 0.88 percentage points respectively.
On a month-on-month basis, food and non-alcoholic beverages also drove price increases, contributing 0.49 percentage points.
Restaurants and accommodation services contributed 0.16 percentage points, while transport accounted for 0.13 percentage points.
The report showed that urban inflation stood at 13.61 per cent year on year in November, representing a decline of 23.49 percentage points from the 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 was higher at 15.15 per cent year on year in November, although this was still 17.12 percentage points lower than the 32.27 per cent recorded a year earlier.
On a month-on-month basis, rural inflation accelerated sharply to 1.88 per cent from 0.45 per cent in October.
The NBS said food inflation eased significantly on an annual basis to 11.08 per cent in November 2025 from 39.93 per cent in November 2024.
However, month-on-month food inflation rose to 1.13 per cent from a contraction of 0.37 per cent in October.
The agency attributed the increase to 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, compared with 38.67 per cent in the corresponding period of 2024.
Core inflation declined to 18.04 per cent year on year in November 2025 from 28.75 per cent recorded in November 2024.
Month-on-month core inflation eased to 1.28 per cent from 1.42 per cent in October, while the twelve-month average fell to 20.76 per cent.
Other sub-indices showed that 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 rose to 1.82 per cent from 1.54 per cent.
Goods inflation also increased to 0.79 per cent from 0.63 per cent in the previous month.
At the state level, Rivers recorded the highest year-on-year all-items inflation rate at 17.78 per cent.
Ogun followed at 17.65 per cent, while Ekiti recorded 16.77 per cent.
Plateau recorded the lowest year-on-year inflation 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 highest inflation increase at 6.58 per cent.
Gombe followed with 5.11 per cent, while Edo recorded 4.45 per cent, as Plateau, Delta, and Kaduna recorded declines.
Food inflation data showed that Kogi recorded the highest year-on-year increase at 17.83 per cent.
Ogun followed at 16.52 per cent, while Rivers recorded 16.11 per cent.
Imo, Katsina, and Akwa Ibom recorded the slowest rise in food prices on a year-on-year basis.
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, Nasarawa, and Enugu recorded declines in month-on-month food inflation.
The NBS cautioned that interstate inflation comparisons should be interpreted carefully due to differences in consumption patterns and CPI weights across states.