Nigeria’s headline inflation rate moderated to 14.45% in November 2025, easing from 16.05% recorded in October 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The CPI rose to 130.5 points in November, representing a 1.6-point increase from 128.9 points in October. The NBS noted that the November 2025 headline inflation rate declined by 1.6 percentage points compared to the preceding month.
On a year-on-year basis, headline inflation was 20.15 percentage points lower than the 34.60% recorded in November 2024. However, on a month-on-month basis, inflation rose to 1.22%, up 0.29 percentage points from 0.93% in October 2025.
The 12-month average CPI for the period ending November 2025 increased by 20.41%, representing a 12.36 percentage-point decline from 32.77% recorded in November 2024.
Urban Inflation
Urban inflation stood at 13.61% year-on-year in November 2025, a 23.49 percentage-point decline from 37.10% in November 2024. On a month-on-month basis, urban inflation slowed to 0.95%, down from 1.14% recorded in October 2025.
The 12-month average urban inflation rate was 20.80%, 14.27 percentage points lower than 35.07% recorded in November 2024.
Rural Inflation
Rural inflation was recorded at 15.15% year-on-year in November 2025, declining by 17.12 percentage points from 32.27% in November 2024. However, on a month-on-month basis, rural inflation accelerated to 1.88%, up from 0.45% recorded in October 2025.
The 12-month average rural inflation rate stood at 19.46%, 11.24 percentage points lower than 30.71% recorded in November 2024.
Food Inflation
Food inflation declined sharply to 11.08% year-on-year in November 2025, down by 28.85 percentage points from 39.93% recorded in November 2024. The NBS attributed the significant drop largely to a change in the base year.
On a month-on-month basis, food inflation rose to 1.13%, an increase of 1.5 percentage points from the -0.37% recorded in October 2025.
The average annual food inflation rate for the twelve months ending November 2025 stood at 19.68%, representing a 18.99 percentage-point decline from 38.67% in November 2024.
Core Inflation
Core inflation — all items less farm produce and energy — stood at 18.04% year-on-year in November 2025, reflecting a 10.71 percentage-point decline from 28.75% recorded in November 2024.
On a month-on-month basis, core inflation eased to 1.28%, down from 1.42% in October 2025.
The 12-month average core inflation rate was 20.76%, 5.88 percentage points lower than 26.64% recorded in November 2024.
State-Level Inflation (All Items)
On a year-on-year basis, the highest headline inflation rates were recorded in Rivers (17.78%), Ogun (17.65%), and Ekiti (16.77%), while the lowest rates were observed in Plateau (9.13%), Kebbi (10.32%), and Katsina (10.60%).
On a month-on-month basis, inflation rose most sharply in Bayelsa (6.58%), Gombe (5.11%), and Edo (4.45%), while declines were recorded in Plateau (-2.54%), Delta (-2.38%), and Kaduna (-2.24%).
State-Level Food Inflation
Year-on-year food inflation was highest in Kogi (17.83%), Ogun (16.52%), and Rivers (16.11%), while Imo (3.52%), Katsina (3.65%), and Akwa Ibom (4.52%) recorded the slowest increases.
On a month-on-month basis, food inflation rose most in Yobe (9.52%), Katsina (6.61%), and Ondo (6.04%), while declines were recorded in Imo (-6.49%), Nasarawa (-5.48%), and Enugu (-2.54%).
