Nigeria’s headline inflation rate has reportedly dropped to 14.45 percent in November 2025, according to the National Bureau of Statistics (NBS).
The NBS revealed the decline in its consumer price index (CPI) report on Monday, which is the ninth consecutive decline in 2025 and exceeds President Bola Tinubu’s 15% goal.
The Bureau reports that the headline inflation rate for November is 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 COVID-19 epidemic level when headline inflation hit the 14 percent range in October 2020.
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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%’
Additionally, according to the NBS, food hike in November 2025 was 11.08 percent on an annual basis.
This was 28.85 percent lower than the rate in November 2024 (39.93 percent), according to the data firm.
“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 average annual rate of food hike for the 12 months ending in November 2025 was 19.68%, which was 18.99% points lower than the average annual rate of change recorded in November 2024 (38.67%), according to the statistics.
According to the bureau, Kogi (17.83 percent), Ogun (16.52 percent), and Rivers (16.11 percent) had the greatest year-over-year food inflation during the reviewed month.
However, the agency said that food hike increased at the slowest rates in Imo (3.52 percent), Katsina (3.65 percent), and Akwa Ibom (4.52 percent).
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“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 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.
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