Nigeria’s headline inflation slowed in November 2025 as consumer price pressures eased under the new base year, according to the National Bureau of Statistics (NBS). The latest Consumer Price Index (CPI) report, released on Monday, showed the CPI rising to 130.5 points in November from 128.9 points in October, a month-on-month increase of 1.6 points. Despite the rise in CPI, the year-on-year headline inflation rate fell to 14.45 per cent, down from 16.05 per cent in October. On a monthly basis, inflation stood at 1.22 per cent in November, higher than the 0.93 per cent recorded in October, indicating that prices still increased in the short term despite the moderation in annual inflation. Compared with November 2024, headline inflation was 20.15 percentage points lower, largely reflecting the effects of rebasing the CPI from 2009 to 2024. The twelve-month average CPI ending November 2025 increased by 20.41 per cent, a slowdown from the 32.77 per cent recorded over the same period in 2024. Food and non-alcoholic beverages remained the largest contributors to headline inflation, accounting for 5.78 percentage points, followed by restaurants and accommodation services (1.87 points) and transport (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 non-alcoholic beverages also drove month-on-month price increases, contributing 0.49 points, followed by restaurants and accommodation at 0.16 points and transport at 0.13 points. Regionally, urban inflation fell to 13.61 per cent year-on-year in November, down sharply from 37.10 per cent in November 2024. 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 rose to 1.88 per cent, showing stronger price pressures in rural areas. Food inflation moderated on an annual basis, falling to 11.08 per cent in November from 39.93 per cent in November 2024. However, month-on-month food prices rose by 1.13 per cent after contracting by 0.37 per cent in October, driven by increases in dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. The twelve-month average food inflation rate was 19.68 per cent, compared with 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 recorded declines. Food inflation by state 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 price increases were highest in Yobe (9.52 per cent), Katsina (6.61 per cent), and Ondo (6.04 per cent), while Imo, Nasarawa, and Enugu saw declines. The NBS cautioned that comparisons between states should be interpreted carefully, as CPI weights vary according to local consumption patterns, making direct comparisons of inflation baskets potentially misleading.
