Nigeria’s inflation eases to 14.45% in November — NBS

Abuja, Nigeria — Monday, 2025

Nigeria’s headline inflation rate declined further to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October 2025, according to the latest data released by the National Bureau of Statistics (NBS).

The moderation in consumer price pressures follows the adoption of a new base year and aligns with President Bola Tinubu’s projected inflation target of 15 per cent by the end of 2025, as well as the assumptions in the 2025 budget.

The NBS report showed that in November 2025, headline inflation eased to 14.45 per cent on a month-on-month basis, reflecting a slowdown in the pace of price increases across key sectors of the economy.
Food inflation, however, rose on a month-on-month basis to 1.13 per cent in November 2025, representing an increase of 1.5 percentage points compared to October 2025, when it stood at -0.37 per cent. The rise indicates renewed pressure on food prices despite the overall decline in headline inflation.

On a year-on-year basis, the NBS noted a significant improvement, with headline inflation at 20.15 per cent lower than the rate recorded in November 2024, which stood at 34.60 per cent.

According to the bureau, the year-on-year decline demonstrates a sustained easing of inflationary pressures compared to the same period last year, signalling gradual price stability in the economy.
The NBS data suggests that while inflation remains a concern, recent trends point towards improving macroeconomic conditions, in line with government projections and policy expectations.