Nigeria’s headline inflation fell to 14.45% in November 2025 from 16.05% in October, easing food and core prices, boosting consumer purchasing power, and supporting MSMEs

Nigeria’s headline inflation rate eased further in November 2025, reflecting moderation in consumer price pressures under the new Consumer Price Index (CPI) base year, according to the National Bureau of Statistics (NBS).

Also read: Nigeria inflation eases further to 14.45% in November — NBS

The CPI rose to 130.5 points in November from 128.9 points in October, marking a 1.6-point month-on-month increase.

However, the headline inflation rate declined to 14.45% year-on-year, compared with 16.05% in October 2025.

On a month-on-month basis, inflation stood at 1.22% in November, slightly higher than October’s 0.93%, indicating continuing upward price pressures in the short term.

The report noted that, year-on-year, headline inflation in November 2025 was 20.15 percentage points lower than November 2024’s 34.60%, largely due to the rebasing exercise, which updated the base year from 2009 to 2024.

Food and non-alcoholic beverages remained the largest contributor to annual headline inflation at 5.78 percentage points, followed by restaurants and accommodation services (1.87 points) and transport (1.54 points).

Housing, water, electricity, gas, and other fuels contributed 1.22 points, while education and health added 0.90 and 0.88 points, respectively.

Urban inflation fell to 13.61% year-on-year, down sharply from 37.10% in November 2024, while rural inflation remained higher at 15.15% but still reflected a 17.12-point decline from the previous year.

Food inflation moderated significantly to 11.08% from 39.93% in November 2024.

Core inflation, which excludes volatile agricultural and energy prices, dropped to 18.04% from 28.75% in the same period.

State-level data showed Rivers (17.78%), Ogun (17.65%), and Ekiti (16.77%) recorded the highest year-on-year inflation, while Plateau (9.13%), Kebbi (10.32%), and Katsina (10.60%) had the lowest.

Month-on-month food price increases were highest in Yobe (9.52%), Katsina (6.61%), and Ondo (6.04%).

Reacting to the data, the organised private sector said the easing of inflation would support consumer purchasing power and business activity, particularly for micro, small, and medium enterprises (MSMEs).

Dr. Femi Egbesola, President of the Association of Small Business Owners of Nigeria (ASBON), and Leye Kupoluyi, President of the Lagos Chamber of Commerce and Industry (LCCI), urged targeted government credit facilities to ensure small businesses benefit.

Kupoluyi attributed the moderation in inflation to fading fuel subsidy removal shocks, petroleum market stability, and improved food supply.

He stressed that structured support for agriculture would further reduce prices, while sustained infrastructure investment could consolidate economic gains.

Segun Kuti-George, National Vice President of the National Association of Small-Scale Industrialists, described the slowdown as a sign of policy discipline but cautioned that it may not immediately translate to higher disposable income.

Also read: OPS warns rising costs persist despite Nigeria’s 16.05% inflation drop

Egbesola emphasized that while lower inflation supports MSMEs through increased predictability and planning, government interventions must continue to ensure smaller firms benefit alongside larger corporations.