Nigeria’s Inflation Eases To 14.45% In November As Food Prices And Core Pressures Moderate.

Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, continuing a downward trend in consumer price pressures, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The figure represents a notable decline from the 16.05 per cent recorded in October, signalling a gradual slowdown in the pace of price increases across the economy. The NBS report showed that the CPI rose to 130.5 points in November, up from 128.9 points in October, indicating a modest month on month increase, even as year-on-year inflation moderated.

A major driver of the easing inflation was a significant slowdown in food inflation, which dropped to 11.08 per cent year-on-year, reflecting improved supply conditions and easing pressures on staple food items. Although food and non-alcoholic beverages remained the largest contributors to headline inflation, their overall impact weakened during the period. Core inflation, which excludes volatile items such as food and energy, also moderated, suggesting a broader easing of underlying price pressures across goods and services. Analysts attribute the disinflation trend to improved harvest output, favorable base effects following statistical rebasing, and stabilising transportation and logistics costs.

The latest figures come amid ongoing efforts by policymakers to stabilize Nigeria’s macroeconomic environment, with economists noting that sustained moderation in inflation could create room for more flexible policy decisions in the coming months. However, the NBS cautioned that some components of the inflation basket still recorded monthly price increases, highlighting the need for continued vigilance as authorities work to balance short-term cost pressures with long-term price stability.