 report released by the (NBS).){kind=link}
Nigeria’s headline inflation rate moderated in November 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The report, published on Monday, showed that the CPI rose to 130.5 points in November from 128.9 points in October, representing a 1.6-point increase month on month.
However, the year-on-year headline inflation rate fell to 14.45 per cent in November, down from 16.05 per cent in October.
“The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month (128.9).
In November 2025, the Headline inflation rate eased to 14.45 per cent relative to the October 2025 headline inflation rate of 16.05 per cent. Looking at the movement, 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 month-on-month basis, headline inflation stood at 1.22 per cent in November, higher than the 0.93 per cent recorded in October, indicating that average prices still rose during the month despite the moderation in annual inflation.
The agency noted that the November 2025 figure was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the impact of the rebasing exercise, which updated the base year from 2009 to 2024.
Food and non-alcoholic beverages remained the largest contributor to inflation, accounting for 5.78 percentage points, followed by restaurants and accommodation services (1.87 points) and transport (1.54 points).
Housing, water, electricity, gas and other fuels contributed 1.22 points, while education and health added 0.90 and 0.88 points, respectively.
Urban inflation fell to 13.61 per cent year on year in November, down from 37.10 per cent in November 2024, while rural inflation was higher at 15.15 per cent, but still 17.12 percentage points lower than the same period last year.
Month-on-month, rural inflation rose sharply to 1.88 per cent, reflecting stronger price pressures in rural areas.
Food inflation eased to 11.08 per cent year on year in November 2025, down from 39.93 per cent in November 2024, though month-on-month it rose to 1.13 per cent from a contraction of 0.37 per cent in October.
Core inflation, which excludes volatile food and energy prices, stood at 18.04 per cent year on year, down from 28.75 per cent in November 2024.
At the state level, Rivers recorded the highest year-on-year all-items inflation at 17.78 per cent, followed by Ogun (17.65 per cent) and Ekiti (16.77 per cent), while Plateau recorded the lowest at 9.13 per cent. For month-on-month changes, Bayelsa led with 6.58 per cent, followed by Gombe (5.11 per cent) and Edo (4.45 per cent).
The NBS cautioned that interstate comparisons should be interpreted carefully, noting that CPI weights vary across states depending on local consumption patterns.