Odimmegwa Johnpeter/Abuja
The National Bureau of Statistics (NBS) has announced an inflation rate drops for 8th consecutive month to 14.45% in November.
This is according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). This marks the eight consecutive drops in 2025-surpassing President Tinubu’s 15 per cent target.
NBS noted that the November headline inflation rate is lower relative to the 16.05 per cent recorded in October 2025.
The latest rate is also the lowest in five years, signalling a return to the COVID-19 pandemic level when headline inflation reached the 14 percent range in October 2020, according to data from the Central Bank of Nigeria (CBN).
The NBS stated: “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.”
It further stated that the food inflation rate for November 2025 was 11.08 percent year-on-year.
This, noted by the report, was 28.85 per cent lower compared to the rate recorded in November 2024 (39.93 per cent).
“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 NBS said the average annual rate of food inflation for the 12 months ending November 2025 “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%)”.
In the reviewed month, it said food inflation, on a year-on-year basis, was highest in Kogi (17.83 per cent), Ogun (16.52 per cent), and Rivers (16.11 per cent).
Similarly, the NBS report stated that Imo (3.52 per cent), Katsina (3.65 per cent), and Akwa Ibom (4.52 per cent) recorded the slowest rise in food inflation.
“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,” it said.
Nigeria’s inflation 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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