Nigeria’s headline inflation rate slowed in November 2025, offering a glimmer of relief for consumers after months of rising prices. According to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), annual inflation dropped to 14.45%, down from 16.05% in October 2025.

The moderation comes amid the adoption of a new base year for the CPI, reflecting changes in consumer spending patterns and a recalibration of price measurement across the economy.

Headline and Monthly Inflation: What the Numbers Show

The NBS report indicated that the Consumer Price Index rose to 130.5 points in November, up from 128.9 points in October, representing a 1.6-point increase month-on-month.

• Year-on-Year Headline Inflation: 14.45% (down from 16.05% in October 2025)
• Month-on-Month Headline Inflation: 1.22% (up from 0.93% in October)

While the annual inflation rate eased, the month-on-month increase suggests that average prices still rose at a faster pace during November, reflecting seasonal demand and supply fluctuations.

Urban vs. Rural Inflation

A breakdown by location reveals contrasting trends:

• Urban Inflation: 13.61% YoY, down from 37.10% in November 2024
  • Month-on-Month: 0.95% (from 1.14% in October)
  • Twelve-Month Average: 20.80%
• Rural Inflation: 15.15% YoY, down from 32.27% in November 2024
  • Month-on-Month: 1.88% (from 0.45% in October)

The data highlights stronger price pressures in rural areas during November, particularly for agricultural produce and essential commodities.

Food Inflation Moderates but Month-on-Month Rises

Food remains the largest contributor to headline inflation, though annual food inflation eased significantly:

• Year-on-Year Food Inflation: 11.08% (down from 39.93% in November 2024)
• Month-on-Month Food Inflation: 1.13% (up from -0.37% in October)

Key contributors to monthly food price increases include dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions.

The twelve-month average food inflation dropped to 19.68%, reflecting the impact of the CPI rebasing exercise and improved market supply chains.

Core Inflation and Sub-Indices

Excluding volatile agricultural and energy prices, core inflation also showed moderation:

• Core Inflation YoY: 18.04% (down from 28.75% in November 2024)
• Month-on-Month Core Inflation: 1.28% (from 1.42% in October)
• Twelve-Month Average Core Inflation: 20.76%

Other sub-indices for November 2025 include:

• Farm Produce Inflation: 0.79% (from 0% in October)
• Energy Inflation: 1.08% (from 0.50% in October)

Major Drivers of Inflation

Across both year-on-year and month-on-month analyses, the top contributors to Nigeria’s inflation were:

1. Food and Non-Alcoholic Beverages: 5.78 percentage points YoY
2. Restaurants and Accommodation Services: 1.87 points YoY
3. Transport: 1.54 points YoY
4. Housing, Water, Electricity, Gas, and Other Fuels: 1.22 points
5. Education Services: 0.90 points
6. Health: 0.88 points

The data suggests that while energy and core services remain relatively stable, food prices continue to influence household budgets heavily.