Nigeria’s headline inflation rate declined again in November 2025, reflecting a slowdown in annual price increases following the adoption of a new base year, the National Bureau of Statistics (NBS) has reported.
According to the Consumer Price Index (CPI) report released by the NBS on Monday, the headline inflation rate fell to 14.45 per cent year on year, down from 16.05 per cent recorded in October 2025. This occurred even as overall consumer prices continued to rise monthly.
The data showed that the CPI increased to 130.5 points in November from 128.9 points in October, representing a month-on-month rise of 1.6 points. The NBS attributed the moderation in annual inflation largely to the rebasing of the index, with 2024 now serving as the new reference year instead of 2009.
On a month-on-month basis, headline inflation stood at 1.22 per cent in November, higher than the 0.93 per cent recorded in October, indicating that average prices still climbed faster during the month despite the easing in year-on-year figures.
The report further revealed that headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 percent recorded in the same month of 2024. Similarly, the average CPI for the twelve months ending November 2025 rose by 20.41 per cent compared with the preceding twelve-month period, a significant slowdown from the 32.77 per cent increase recorded a year earlier.
Also Read: http://Court Affirms Tinubu’s Right to Freeze State Governments
Food and non-alcoholic beverages remained the biggest drivers of inflation on an annual basis, contributing 5.78 percentage points to the headline figure. This was followed by restaurants and accommodation services at 1.87 percentage points and transport at 1.54 percentage points.
Other notable contributors included housing, water, electricity, gas, and other fuels, which added 1.22 percentage points, while education and health services accounted for 0.90 and 0.88 percentage points, respectively.
On a month-on-month basis, food and non-alcoholic beverages also led 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.
A regional breakdown showed that inflation in urban areas stood at 13.61 per cent year on year in November 2025, a sharp drop from 37.10 per cent recorded in November 2024. Urban inflation also slowed to 0.95 per cent month on month, while the twelve-month average rate eased to 20.80 per cent.
In rural areas, inflation was higher at 15.15 per cent year on year, although this represented a substantial decline from the 32.27 per cent recorded in the corresponding period of 2024, according to the NBS report.
