Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index report released by the National Bureau of Statistics on Monday.
The annual rate of price increase has therefore moderated for the first time in several months, offering a tentative sign of cooling macroeconomic pressures.
However, more timely monthly data reveals persistent underlying inflationary pressures, complicating the outlook.
On a month-on-month basis, the headline inflation rate actually accelerated to 1.22 per cent in November, up from 0.93 per cent in October. This indicates that while the annual comparison shows improvement, the pace of price increases at the end of the year was sharper.
A significant point of concern for households is the dramatic reversal in food prices. After a period of deflation the previous month, the monthly food inflation rate jumped to 1.13 per cent in November, compared to -0.37 per cent in October. This swing suggests renewed upward pressure on the cost of essential goods.
The full details of these inflationary trends are contained in the November 2025 CPI report, which is available for review on the official website of the National Bureau of Statistics.
The mixed data—a falling annual rate coupled with rising monthly pressures—will likely be closely analysed by policymakers and market observers in the coming days.
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