Nigeria’s headline inflation rate continued its sustained decline in November 2025, dropping to 14.45 per cent, the National Bureau of Statistics (NBS) has said, marking the eighth consecutive monthly reduction in consumer price pressures.
In its latest Consumer Price Index (CPI) report, released on Monday, the NBS stated that the November figure was lower than the 16.05 percent recorded in October 2025.
“This shows that the headline inflation rate on a year-on-year basis decreased in November 2025 compared to the same month in the preceding year (i.e., November 2024), though with a different base year of November 2009 = 100,” the agency said.
On a month-on-month basis, the CPI rose to 130.5 points from 128.9 points in October, indicating that average prices continued to climb moderately during the month.
“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 report read.
The NBS noted that the decline in the headline rate largely reflects the rebasing of the inflation base year as well as easing price pressures in key categories.
Data from the NBS showed that food inflation, a major driver of the cost of living in Nigeria, eased to 11.08 percent year-on-year in November, down sharply from 39.93 percent in the same month last year.
However, on a monthly basis, food prices continued to rise.
“On a month-on-month basis, the food inflation rate in November 2025 was 1.13 per cent, up by 1.5 per cent compared to October 2025 (-0.37%),” the bureau said, attributing the increase to higher prices of items such as dried tomatoes, cassava tuber, eggs and onions.
The NBS stated that food inflation varied across states, with Kogi (17.83 percent), Ogun (16.52 percent), and Rivers (16.11 percent) recording the highest year-on-year food inflation rates in November. In contrast, Imo (3.52 percent), Katsina (3.65 percent), and Akwa Ibom (4.52 percent) recorded the slowest rises.
On a month-on-month basis, Yobe (9.52 percent), Katsina (6.61 percent), and Ondo (6.04 percent) experienced the highest increases in food prices, while Imo (-6.49 percent), Nasarawa (-5.48 percent), and Enugu (-2.54 percent) recorded declines.
Analysts say the ongoing moderation in inflation has been influenced by monetary policy decisions. In November, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) retained the Monetary Policy Rate (MPR) at 27.0%.
According to the official communique from the CBN’s 303rd MPC meeting, the policy rate was maintained alongside adjustments to the standing facility corridor and retention of other banking ratios to support stability.
“The Committee decided by a majority vote, to maintain the current monetary policy stance with an adjustment to the corridor as follows… Retain the Monetary Policy Rate (MPR) at 27.0 per cent,” the communique said.
The CBN said the decision was underpinned by the need “to sustain the progress made so far towards achieving low and stable inflation.”
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