Nigeria’s headline inflation rate eased to 14.45% in November 2025, down from 16.05% recorded in October 2025.
This is according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The CPI rose to 130.5 in November 2025, representing a 1.6-point increase from 128.9 recorded in October 2025.
The NBS noted that “the November 2025 headline inflation rate declined by 1.6 percentage points compared to the preceding month.”
On a year-on-year basis, the headline inflation rate was 20.15 percentage points lower than the 34.60% recorded in November 2024. However, on a month-on-month basis, headline inflation stood at 1.22%, which was 0.29 percentage points higher than 0.93% recorded in October 2025.
The twelve-month average CPI for the period ending November 2025 increased by 20.41%, representing a 12.36 percentage-point decline from 32.77% recorded in November 2024.
Urban Inflation
Urban inflation stood at 13.61% year-on-year in November 2025, representing a 23.49 percentage-point decline from 37.10% recorded in November 2024. On a month-on-month basis, urban inflation was 0.95%, down from 1.14% in October 2025.
The twelve-month average urban inflation rate was 20.80%, 14.27 percentage points lower than 35.07% recorded in November 2024.
Rural Inflation
According to the report, “Rural inflation was recorded at 15.15% year-on-year in November 2025, down by 17.12 percentage points from 32.27% in November 2024. On a month-on-month basis, rural inflation rose to 1.88%, an increase of 1.43 percentage points from 0.45% in October 2025.”
The twelve-month average rural inflation rate stood at 19.46%, 11.24 percentage points lower than 30.71% recorded in November 2024.
Food Inflation
Food inflation declined sharply to 11.08% year-on-year in November 2025, 28.85 percentage points lower than 39.93% recorded in November 2024. The NBS attributed the significant decline to a change in the base year.
On a month-on-month basis, food inflation rose to 1.13%, up by 1.5 percentage points from -0.37% recorded in October 2025.
The average annual food inflation rate for the twelve months ending November 2025 was 19.68%, representing a 18.99 percentage-point decline from 38.67% recorded in November 2024.
Core Inflation
The “All items less farm produce and energy” (Core inflation) stood at 18.04% year-on-year in November 2025, reflecting a 10.71 percentage-point decline from 28.75% recorded in November 2024.
On a month-on-month basis, core inflation was 1.28%, down from 1.42% in October 2025.
The twelve-month average core inflation rate was 20.76%, 5.88 percentage points lower than 26.64% recorded in November 2024.
State-Level Inflation (All Items)
On a year-on-year basis, the highest headline inflation rates were recorded in Rivers (17.78%), Ogun (17.65%), and Ekiti (16.77%), while Plateau (9.13%), Kebbi (10.32%), and Katsina (10.60%) recorded the lowest.
On a month-on-month basis, inflation increased most in Bayelsa (6.58%), Gombe (5.11%), and Edo (4.45%), while Plateau (-2.54%), Delta (-2.38%), and Kaduna (-2.24%) recorded declines.
State-Level Food Inflation
Year-on-year food inflation was highest in Kogi (17.83%), Ogun (16.52%), and Rivers (16.11%), while Imo (3.52%), Katsina (3.65%), and Akwa Ibom (4.52%) recorded the slowest increases.
On a month-on-month basis, food inflation rose most in Yobe (9.52%), Katsina (6.61%), and Ondo (6.04%), while declines were recorded in Imo (-6.49%), Nasarawa (-5.48%), and Enugu (-2.54%).
