Nigeria’s inflation rate eased to 14.45 per cent in November from 16.05 per cent a month earlier, the National Bureau of Statistics (NBS) stated in the official data issued on Monday.
“The November 2025 headline inflation rate showed a decrease of 1.6 per cent compared to the October 2025 headline inflation rate,” the bureau said.
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Inflation indicators compare prices of goods and services over 12 months. A decline does not necessarily imply a reduction in prices; instead, it shows the rate of price increase had fallen compared to previous months.
On a year-on-year basis, the NBS said, the headline inflation rate was 20.15 per cent lower than the rate recorded in November 2024 (34.60 per cent).
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This, it said, 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 bureau said, the headline inflation rate in November 2025 was 1.22 per cent, which was 0.29 per cent higher than the rate recorded in October 2025 (0.93 per cent).
“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.
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Food inflation
The food inflation rate in November 2025 stood at 11.08 per cent on a year-on-year basis. This was 28.85 per cent points lower compared to the rate recorded in November 2024 (39.93 per cent).
The NBS said the significant decline in the annual food inflation figure is technically due to the change in the base year.
However, on a month-on-month basis, the food inflation rate in November 2025 was 1.13 per cent, up by 1.5 per cent compared to October 2025 (-0.37 per cent).
“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 said.
It explained that the average annual rate of food inflation for the twelve months ending November 2025 over the previous twelve-month average was 19.68 per cent, which was 18.99 per cent points lower compared with the average annual rate of change recorded in November 2024 (38.67 per cent).
Core inflation, which excludes the prices of volatile items such as energy and farm produce, stood at 18.04 per cent in November 2025 on a year-on-year basis; showing a decline of 10.71 per cent when compared to the 28.75 per cent recorded in November 2024.
On a month-on-month basis, the NBS said the Core inflation rate was 1.28 per cent in November 2025, down by 0.14 per cent compared to October 2025 (1.42 per cent).
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“The average twelve-month annual inflation rate was 20.76 per cent for the twelve months ending November 2025, which was 5.88 per cent points lower than the 26.64 per cent recorded in November 2024,” it said.
Across states, 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), while Imo (3.52 per cent), Katsina (3.65 per cent), and Akwa Ibom (4.52 per cent) recorded the slowest rise.
“On a month-on-month basis, however, November 2025 Food inflation was highest in Yobe (9.52 per cent), Katsina (6.61 per cent) and Ondo (6.04 per cent), while Imo (-6.49 per cent), Nasarawa (-5.48 per cent), and Enugu (-2.54 per cent) recorded a decline in food inflation on a month-on-month basis,” the bureau said.
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