Nigeria’s inflation rate drops for 8th consecutive month, now 14%

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate decreased to 14.45 percent in November 2025.

The NBS announced the decrease in its consumer price index (CPI) report on Monday, marking the eighth consecutive drop in 2025 — surpassing President Bola Tinubu’s 15 percent target.

According to the Bureau, the November headline inflation rate is lower relative to the 16.05 percent recorded in October 2025.

The latest rate is also the lowest in five years, signalling a return to the COVID-19 pandemic level when headline inflation reached the 14 percent range in October 2020, according to data from the Central Bank of Nigeria (CBN).

The NBS said the current inflation rate, on a year-on-year basis, was “20.15% lower than the rate recorded in November 2024 (34.60%)”.

“This shows that the Headline inflation rate (year-on-year basis) decreased in November 2025 compared to the same month in the preceding year (i.e., November 2024),” the agency said.

“On a month-on-month basis, the Headline inflation rate in November 2025 was 1.22%, which was 0.29% higher than the rate recorded in October 2025 (0.93%).

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

‘FOOD INFLATION RATE DECLINED TO 11.08%’

The NBS also said the food inflation rate for November 2025 was 11.08 percent year-on-year.

According to the statistics firm, this was 28.85 percent lower compared to the rate recorded in November 2024 (39.93 percent).

“The significant decline in the annual food inflation figure is technically due to the change in the base year,” the NBS said.

“On a month-on-month basis, the Food inflation rate in November 2025 was 1.13%, up by 1.5% compared to October 2025 (-0.37%).

“The increase can be attributed to the rate of increase in the average prices of Tomatoes (Dried), Cassava Tuber, Periwinkle (Shelled), Grounded Pepper, Eggs, Crayfish, Melon (Egusi) Unshelled, Oxtail, Onions (Fresh), etc.”

The bureau said the average annual rate of food inflation for the 12 months ending November 2025 “over the previous twelve-month average was 19.68%, which was 18.99% points lower compared with the average annual rate of change recorded in November 2024 (38.67%)”.

In the reviewed month, the bureau said food inflation, on a year-on-year basis, was highest in Kogi (17.83 percent), Ogun (16.52 percent), and Rivers (16.11 percent).

On the other hand, the bureau said Imo (3.52 percent), Katsina (3.65 percent), and Akwa Ibom (4.52 percent) recorded the slowest rise in food inflation.

“On a Month-on-Month basis, however, November 2025 Food inflation was highest in Yobe (9.52%), Katsina (6.61%) and Ondo (6.04%), while Imo (-6.49%), Nasarawa (-5.48%), and Enugu (-2.54%) recorded a decline in Food inflation on a Month-on-Month basis,” the agency said.

Nigeria’s inflation rate has been slowing down since April this year. On November 25, the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) retained the country’s monetary policy rate (MPR) at 27 percent.