NIGERIA’S headline inflation rate has again declined further to 14.45 per cent in November 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The figure represents a drop from the 16.05 per cent recorded in October, continuing the downward trend under the recently rebased CPI, which now uses 2024 as its base year instead of 2009.
NBS data, released on Monday, December 15, showed that the CPI increased to 130.5 points in November from 128.9 points in October, reflecting a 1.6-point rise month on month.
In its report, the statistics agency said headline inflation in November was 20.15 percentage points lower than the 34.60 per cent recorded in the same month of 2024, largely due to the impact of the rebasing exercise.
The average CPI for the 12 months ending November 2025 rose by 20.41 per cent, a significant slowdown from the 32.77 per cent recorded in November 2024.
“The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month (128.9).
“In November 2025, the Headline inflation rate eased to 14.45 per cent relative to the October 2025 headline inflation rate of 16.05 per cent.
“Looking at the movement, the November 2025 Headline inflation rate showed a decrease of 1.6 per cent compared to the October 2025 Headline inflation rate,” the NBS report read.
The drop was hugely impacted by the drop in food inflation in November 2025 to 11.08 per cent year on year in November 2025, down from 39.93 per cent recorded in November 2024, following the easing of prices for maize, garri and beans.
The ICIR reported that in its October 2025 inflation report, the NBS said the inflation rate showed a decrease of 1.96 per cent compared to the September 2025 headline inflation rate, and on a year-on-year basis, the headline inflation rate was 17.82 per cent lower than the rate recorded in October 2024 (33.88%).
The significant decline in the annual food inflation figure is technically due to the change in the base year methodology. Accordingly, on a month-on-month basis, the food inflation rate in October 2025 was -0.37 per cent, up by 1.21 per cent compared to September 2025 (-1.57 per cent).
It added that the average annual rate of food inflation for the twelve months ending October 2025 over the previous Twelve-month average was 21.96 per cent, which was 16.16 percentage points lower compared with the average annual rate of change recorded in October 2024 (38.12 per cent).
Mustapha Usman is an investigative journalist with the International Centre for Investigative Reporting. You can easily reach him via: musman@icirnigeria.com. He tweets @UsmanMustapha_M