In November 2025, Nigeria’s headline inflation rate dropped to 14.45%, according to the National Bureau of Statistics (NBS). It revealed a decline in its consumer price index (CPI) report on Monday, marking the eighth consecutive decline in 2025 and exceeding President Bola Tinubu’s 15% target.
The NBS reports that the headline inflation rate in November was lower than the 16.05 percent reported in October 2025. According to data from the Central Bank of Nigeria (CBN), the most recent rate is also the lowest in five years, indicating a return to the level of the COVID-19 pandemic, when headline inflation reached the 14% range in October 2020.
According to the NBS, the current annual rate of inflation is: “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).
“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,” the Bureau added.
Furthering, according to the NBS, food inflation in November 2025 was 11.08 percent on an annual basis. This was 28.85 percent lower than the rate of 39.93 percent in November 2024, NBS said.
BrandSpur Nigeria news reveals that the Bureau had this to say: “The significant decline in the annual food inflation figure is technically due to the change in the base year.
“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,” it added.
For the 12 months ending in November 2025, the bureau reported that the average annual rate of food inflation “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%).”
According to the bureau, Kogi had the highest annual food inflation rate (17.83 percent), followed by Ogun (16.52 percent) and Rivers (16.11 percent) during the reviewed month. However, the bureau reported that food inflation increased at the slowest rates in Imo (3.52 percent), Katsina (3.65 percent), and Akwa Ibom (4.52 percent).
It went on to state: “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.”
Since April of this year, Nigeria’s inflation rate has been creeping. The Central Bank of Nigeria’s (CBN) monetary policy committee (MPC) maintained the nation’s monetary policy rate (MPR) at 27% on November 25.
