Nigeria’s headline inflation rate moderated to 14.45 per cent in November 2025, marking a significant slowdown from the 16.05 per cent recorded in October 2025.
This is according to the latest figures released by the National Bureau of Statistics (NBS) on Monday.
The decline of 1.6 percentage points month-on-month signals easing price pressures across the economy after several months of elevated inflation.
The NBS also noted that headline inflation decreased compared to the same month last year, although this comparison is based on a different base year (November 2009).
According to the NBS, “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.”
Rural vs urban inflation
According to the National Bureau of Statistics (NBS), the urban inflation rate stood at 13.61% in November 2025, representing a significant decline of 23.49 percentage points compared to the 37.10% recorded in November 2024.
On a month-on-month basis, the urban inflation rate was 0.95% in November 2025, down by 0.18 percentage points from 1.14% in October 2025. The twelve-month average urban inflation rate for November 2025 was 20.80%, which is 14.27 percentage points lower than the 35.07% reported in the same month the previous year.
For rural areas, the NBS reported a year-on-year inflation rate of 15.15% in November 2025, marking a decrease of 17.12 percentage points from the 32.27% recorded in November 2024.
Food inflation
The food inflation rate in November 2025 stood at 11.08% year-on-year, according to the NBS.
This represents a decline of 28.85 percentage points from the 39.93% recorded in November 2024, a significant drop largely attributable to changes in the base year used for calculation.
Despite the lower overall rate, the NBS stated that increases were observed in the average prices of several key food items, including dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, unshelled melon (egusi), oxtail, and fresh onions.
The data also show that core inflation—which excludes the prices of volatile agricultural products and energy—stood at 18.04% year-on-year in November 2025.
Backstory
In December 2025, President Bola Tinubu declared the Federal Government’s commitment to reducing Nigeria’s inflation rate from 34.6% to 15% by the end of 2025.
He made the announcement during his presentation of the 2025 Appropriation Bill to a joint session of the National Assembly in Abuja.
Tinubu stated, “The 2025 budget projects that inflation will decline significantly from the current 34.6% to 15% by the end of next year.”
Several experts expressed doubts about President Tinubu achieving the targets.
