BREAKING: Nigeria’s Inflation Rate Drops to 14.45% in November, Lowest in Five Years

Nigeria’s headline inflation rate moderated to 14.45 per cent in November 2025, easing by 1.6 percentage points from the 16.05 per cent recorded in October. The latest figure represents the country’s lowest inflation level in five years, offering cautious optimism amid ongoing economic adjustments.

Data released in the November 2025 Consumer Price Index (CPI) report show that the decline reflects a slower pace of price increases compared to the previous month. The report noted that the November figure was 1.6 percentage points lower than October’s rate, confirming a sustained downward trend in headline inflation.

On a year-on-year basis, inflation dropped sharply when compared with November 2024, when it stood at 34.60 per cent. This indicates a reduction of 20.15 percentage points over the 12-month period. The report explained that while the year-on-year rate declined significantly, the comparison reflects a different base year used in the calculation.

However, month-on-month data painted a slightly different picture. Inflation rose by 1.22 per cent in November, higher than the 0.93 per cent recorded in October. This suggests that although overall inflation slowed on an annual basis, the average price level increased at a faster pace within the month under review.

Food inflation also recorded a notable decline. The food inflation rate fell to 11.08 per cent in November from 13.12 per cent in October. Compared to the same period last year, food inflation dropped by 28.85 percentage points from 39.93 per cent, reflecting a substantial year-on-year slowdown.

The report attributed the sharp decline in annual food inflation largely to a change in the base year used for computation, rather than a dramatic fall in food prices alone.

Overall, the November inflation figures suggest improving price stability, though rising month-on-month pressures indicate that cost-of-living challenges remain a concern for households.