The latest report by the National Bureau of Statistics NBS), shows that the nation’s headline inflation rate eased 14.45% relative to the October 2025 headline inflation rate of 16.05%.
This was contained in the Consumer Price Index (CPI) Report released by the NBS on Monday, making it 8th consecutive decline in 2025.
Looking at the movement, the November 2025 Headline inflation rate showed a decrease of 1.6% compared to the October 2025 Headline inflation rate.
On a year-on-year basis, the Headline inflation rate was 20.15% lower than the rate recorded in November 2024 (34.60%).
This shows that the Headline inflation rate (year-on-year basis) decreased in November 2025 compared to the same month in the preceding year (i.e., November 2024), though with a different base year, November 2009 = 100.
On a month-on-month basis, the Headline inflation rate in November 2025 was 1.22%, which was 0.29% higher than the rate recorded in October 2025 (0.93%).
This means that in November 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in October 2025.
URBAN INFLATION
On a year-on-year basis, in November 2025, the Urban inflation rate was 13.61%, lower by 23.49% points compared to the 37.10% recorded in November 2024. On a month-on-month basis, the Urban inflation rate was 0.95% in November 2025, down by 0.18% compared to October 2025 (1.14%). The corresponding twelve-month average for the Urban inflation rate was 20.80% in November 2025. This was 14.27% points lower compared to the 35.07% reported in November 2024.
RURAL INFLATION
The Rural inflation rate in November 2025 was 15.15% on a year-on-year basis. This was 17.12% points lower compared to the 32.27% recorded in November 2024. On a month-on-month basis, the Rural inflation rate in November 2025 was 1.88%, up by 1.43% compared to October 2025 (0.45%). The corresponding twelve-month average for the Rural inflation rate in November 2025 was 19.46%. This was 11.24% points lower compared to the 30.71% recorded in November 2024.
FOOD INFLATION
The Food inflation rate in November 2025 was 11.08% on a year-on-year basis. This was 28.85% points lower compared to the rate recorded in November 2024 (39.93%). The significant decline in the annual food inflation figure is technically due to the change in the base year.
On a month-on-month basis, the Food inflation rate in November 2025 was 1.13%, up by 1.5% compared to October 2025 (-0.37%). The increase can be attributed to the rate of increase in the average prices of Tomatoes (Dried), Cassava Tuber, Periwinkle (Shelled), Grounded Pepper, Eggs, Crayfish, Melon (Egusi) Unshelled, Oxtail, Onions (Fresh), etc.
The average annual rate of Food inflation for the twelve months ending November 2025 over the previous twelve-month average was 19.68%, which was 18.99% points lower compared with the average annual rate of change recorded in November 2024 (38.67%).
CORE INFLATION
Core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 18.04% in November 2025 on a year-on-year basis; showing a decline of 10.71% when compared to the 28.75% recorded in November 2024.
On a month-on-month basis, the Core Inflation rate was 1.28% in November 2025, down by 0.14% compared to October 2025 (1.42%). The average twelve-month annual inflation rate was 20.76% for the twelve months ending November 2025, which was 5.88% points lower than the 26.64% recorded in November 2024.
