Nigeria’s inflation trajectory showed a notable easing in November, with fresh official data indicating a slowdown in annual price growth despite continued month-on-month increases that suggest households are still contending with rising costs.
The latest figures signal a moderation in headline inflation, reinforcing expectations that recent statistical adjustments and shifting price dynamics are beginning to temper year-on-year pressures across key consumer segments.
Details released in the November 2025 Consumer Price Index report by the National Bureau of Statistics revealed that the headline inflation rate declined to 14.45 per cent, down from 16.05 per cent recorded a month earlier.
According to the report which disclosed the ease in inflation on Monday, the Consumer Price Index climbed to 130.5 points in November from 128.9 points in October, reflecting a month-on-month increase of 1.22 per cent.
While annual inflation slowed, the rise in the monthly figure indicates that average prices continued to edge higher within the period.
“The Consumer Price Index rose to 130.5 in November, representing a 1.6-point increase from the previous month,” the NBS said, adding that the decline in the headline rate amounted to a 1.6 percentage-point drop compared to October.
The bureau further explained that the November inflation reading was significantly lower than the 34.60 per cent recorded in the same month last year, attributing the sharp difference largely to the rebasing exercise that updated the CPI base year from 2009 to 2024.
An analysis of inflation drivers showed that food and non-alcoholic beverages remained the dominant contributors, accounting for 5.78 percentage points of the overall rate.
Restaurants and accommodation services followed with 1.87 points, while transport contributed 1.54 points.
Housing, water, electricity, gas and other fuels added 1.22 points to the inflation basket. Education and health services also exerted upward pressure, contributing 0.90 and 0.88 points respectively.
On a geographic basis, urban inflation moderated to 13.61 per cent year on year, a steep decline from levels seen in November 2024.
Rural inflation stood higher at 15.15 per cent, although it also reflected a substantial year-on-year reduction. Month-on-month data showed stronger price pressures in rural areas, where inflation rose to 1.88 per cent.
Food inflation eased sharply on an annual basis to 11.08 per cent, compared with nearly 40 per cent a year earlier.
However, on a monthly basis, food prices increased by 1.13 per cent after contracting in October. Core inflation, which strips out food and energy components, settled at 18.04 per cent year on year.
State-level data showed that Rivers recorded the highest year-on-year all-items inflation at 17.78 per cent, followed by Ogun and Ekiti.
Plateau posted the lowest annual rate at 9.13 per cent, while Bayelsa led month-on-month increases.
The NBS cautioned that comparisons across states should be treated with care, noting that inflation weights differ based on local consumption patterns and household spending behavior.
