Economic outlook brightens as Nigeria sees ongoing price stability
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The NBS said the increase in monthly food prices came from higher prices of items such as onions, oranges, pineapples, shrimp, groundnuts, vegetables (ugu and okazi), and meats like goat meat, cow tail, and
The National Bureau of Statistics says the pace of rising prices across the country continued to slow in October, marking another month of relief for households and businesses struggling with high living costs
This was revealed in the NBS Consumer Price Index and Inflation Report released on Monday. The agency said inflation dropped from 18.02% in September, although prices still went up slightly by 0.93% on a month-to-month basis.
The report also showed a small drop in food prices, with food inflation falling by 0.37% month-on-month.
According to the NBS, this is the seventh month in a row that inflation has gone down in 2025. Year-on-year, inflation stood at 17.82%, much lower than the 33.88% recorded in October 2024. The Bureau explained that this sharp reduction is partly due to the use of a new base year for calculations.
Urban and Rural Inflation
Urban inflation was 15.65% in October 2025, down from 36.38% in October 2024. Month-on-month, it rose to 1.14%, slightly higher than the 0.74% recorded in September.
The 12-month average urban inflation rate dropped to 22.68%, compared to 34.52% last year.
Rural inflation stood at 15.86%, down from 31.59% in October 2024. Month-on-month, rural inflation slowed to 0.45%, lower than 0.67% in September.
The 12-month average rural inflation rate also fell to 20.81%, compared to 30.24% a year earlier.
Food Inflation
Food inflation dropped sharply to 13.12% year-on-year, compared to 39.16% in October 2024. The NBS said this big decrease is mainly because of the new base year used for comparison.
Month-on-month, food inflation stood at -0.37%, higher than the -1.57% recorded in September.
The NBS said the increase in monthly food prices came from higher prices of items such as onions, oranges, pineapples, shrimp, groundnuts, vegetables (ugu and okazi), and meats like goat meat, cow tail, and liver.
The average food inflation rate for the last 12 months fell to 21.96%, down from 38.12% in October 2024.
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