Nigeria’s headline inflation rate eased by 1.97 percentage points to 16.05 percent in October from 18.02 percent in September 2025.
According to data from the National Bureau of Statistics (NBS) in its October Consumer Price Index (CPI) Report on Monday, at 16.05 percent in October, this represents the lowest level in over eight years, since 2017.
NBS said: “In October 2025, the headline inflation rate eased to 16.05 per cent relative to the September 2025 headline in-inflation rate of 18.02 per cent.
“Looking at the movement, the October 2025 Headline inflation rate showed a decrease of 1.96 per cent compared to the September 2025 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 17.82 per cent lower than the rate recorded in October 2024 (33.88 per cent).
“This shows that the headline inflation rate (year-on-year basis) decreased in October 2025 compared to the same month in the preceding year (i.e., October 2024), though with a different base.”
Business Post reports that the moderation beats analysts’ expectations. Cowry Asset Management had projected that headline inflation would further ease to 17.83 per cent, “supported by continued naira stability, improved FX liquidity, and sustained food supply from the ongoing harvest season.”
The report added that the increase can be attributed to the rate of increase in the average prices of omions (Fresh), fruits (oranges, pineapple), shrimp, groundnuts (unshelled), vegetables (Ugu, Okazi leaf), and neat (goat meat, cow tail, liver), among others.”
It added that the average annual rate of food inflation for the twelve months ending October 2025 over the previous Twelve-month average was 21.96 per cent , which was 16.16 per cent points lower compared with the average annual rate of change recorded in October 2024 (38.12 per cent).
Cowry Asset Management projected that headline inflation would further ease to 17.83 per cent, “supported by continued naira stability, improved FX liquidity, and sustained food supply from the ongoing harvest season.”
The seventh moderation in inflation could also strengthen another interest rate cuts when the Monetary Policy Committee (MPC) meets later at its 303rd meeting. At the 302nd meeting, the policymakers slashed interest rates to 27 per cent from 27.50 per cent in response to the consistent moderation of the country’s inflation rate.