Inflation drops to 15.15% in December – NBS

The National Bureau of Statistics (NBS) has stated that Nigeria’s Headline Inflation dropped to 15.15 percent in December 2025.

Daily Trust reports that the figure is higher than 14.45% reported in November but the adjustment in the Consumer Price Index (CPI) increased the figure to 17.33 percent.

The NBS in its monthly report said the December 2025 year-on-year Headline inflation rate, including all other sub-indexes were obtained through maximisation of the index reference period, that is, using a 12-month index reference period where the average CPI for the 12 months of 2024 is equated to 100.

“This is a departure from the single month index reference period, in which December 2024 was set to 100, which would have produced an artificial spike in the December 2025 year-on-year inflation rate. This artificial spike is induced by the base effect, which is methodological, not structural, resulting in a rate that is not in tandem with current inflationary realities; hence the need to resort to the 12-month index reference period, by equating the entire 2024 to 100.”

It noted that this definitely affects the raising factor used for the re-referencing of the 2024 CPI series and the already released year-on-year inflation rates for January to November 2025.

“This process is in line with International Best Practice as contained in the Consumer Price Index International Monetary Fund (IMF) Manual, specifically in Section 9.125 and the ECOWAS Harmonised CPI Manual, which address index reference period maximisation, following a rebasing exercise.”

It went on to state that the 2024 re-reference CPI and the revised year-on-year inflation rates for January to November 2025 can be found in the Excel Tables published together with this report on the NBS website.

The report further disclosed that the Consumer Price Index (CPI) rose to 131.2 in December 2025, up by 0.7 points from the previous Month (130.5).

“The December 2025 year-on-year Headline inflation rate stood at  relative to the November 2025 headline inflation rate (17.33%).”

It said on a year-on-year basis, the December Headline inflation rate was 19.65% lower than the rate recorded in December 2024 (34.80%) and shows that the Headline inflation rate (year-on-year basis) decreased in December 2025 compared to the same month in the preceding year (i.e., December 2024), though with a Different base year, November 2009 = 100.

On a month-on-month basis, it said the Headline inflation rate in December 2025 was 0.54%, which is 0.69% less than the rate recorded in November 2025 (1.22%).

“This means that in December 2025, the rate of increase in the average price level was lower than in November 2025.”

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