Inflation drops to 14.45% in November

Nigeria’s Headline inflation has dropped to 14.45% in the month of November, according to a report by the National Bureau of Statistics (NBS).

The report said the figure reduced from the October 2025 headline inflation rate of 16.05%.

It said the November 2025 headline inflation rate showed a decrease of 1.6% compared to the October 2025 Headline inflation rate.

“On a year-on-year basis, the headline inflation rate 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), though with a different base year, November 2009 = 100.”

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 said Food inflation rate in November 2025 was 11.08% on a year-on-year basis.

“This was 28.85% points lower compared to the rate recorded in November 2024 (39.93%). 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%),” it added.

It attributed the 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 inflation for the twelve 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%),” the report said.

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