Breaking: Nigeria’s Inflation plummets to 14.45% in November despite price uptick

By Kazeem Ugbodaga

Nigeria’s headline inflation rate fell sharply to 14.45 per cent in November 2025, reflecting a sustained slowdown in price pressures and offering cautious optimism for households and policymakers, the National Bureau of Statistics (NBS) has said.

In its latest Consumer Price Index (CPI) report released on Monday, the NBS disclosed that inflation eased by 1.6 percentage points from the 16.05 per cent recorded in October 2025, marking one of the most significant month-on-month declines this year.

“The November 2025 Headline inflation rate showed a decrease of 1.6 per cent compared to the October 2025 Headline inflation rate,” the NBS stated.

On a year-on-year basis, the slowdown was even more pronounced.

The NBS said the November 2025 inflation figure was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024.

“This shows that the Headline inflation rate decreased in November 2025 compared to the same month in the preceding year,” the bureau noted, attributing part of the decline to base-year effects.

The twelve-month average inflation rate also reflected easing pressures. According to the NBS, average inflation for the twelve months ending November 2025 stood at 20.41 per cent, down sharply from 32.77 per cent recorded in November 2024.

“This represents a 12.36 percentage point decrease compared to the same period last year,” the report added.

Despite the annual moderation, the NBS warned that prices continued to rise on a month-on-month basis. Inflation in November 2025 climbed to 1.22 per cent, up from 0.93 per cent in October.

“This means that in November 2025, the rate of increase in the average price level was higher than the rate recorded in October 2025,” the NBS explained.

Disaggregated data showed a notable easing in urban inflation. The NBS reported that urban inflation fell to 13.61 per cent year-on-year in November 2025, compared to 37.10 per cent in the same month of 2024 — a drop of 23.49 percentage points.

On a month-on-month basis, urban inflation declined to 0.95 per cent, down from 1.14 per cent in October.

“The corresponding twelve-month average for the Urban inflation rate was 20.80 per cent in November 2025,” the NBS said, adding that this was significantly lower than 35.07 per cent recorded a year earlier.

Rural inflation also moderated annually but showed stronger price increases month-on-month. The NBS said rural inflation stood at 15.15 per cent year-on-year in November 2025, down from 32.27 per cent in November 2024.

However, month-on-month rural inflation rose sharply to 1.88 per cent, compared to 0.45 per cent in October.

“The corresponding twelve-month average for the Rural inflation rate in November 2025 was 19.46 per cent,” the bureau stated, down from 30.71 per cent in November 2024.