NIGERIA’S INFLATION RELAXES TO 14.45% IN NOVEMBER- NBS

Food and non–alcoholic drinks were the biggest reason for higher prices when comparing the same time last year, making up 5.78 percentage points.
Then came restaurants and hotel services at 1.87 percentage points, and transport at 1.54 percentage points.

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

Looking at month-to-month changes, food and non–alcoholic drinks were still the main reason for price rises, adding 0.49 percentage points.
Hotels and restaurants came next with 0.16 percentage points, and transport added 0.13 percentage points.

A breakdown of inflation across locations showed that urban inflation stood at 13.61 per cent year on year in November 2025, representing a steep decline of 23.49 percentage points from the 37.10 per cent recorded in November 2024.

On a month-on-month basis, urban inflation slowed to 0.95 per cent from 1.14 per cent in October, while the twelve-month average urban inflation rate eased to 20.80 per cent.

In contrast, rural inflation was higher at 15.15 per cent year on year in November, although this was still 17.12 percentage points lower than the 32.27 per cent recorded in the corresponding period of 2024.

Month-on-month rural inflation increased quickly to 1.88 per cent from 0.45 per cent in October, showing that prices in rural areas went up more during the month.

Food inflation dropped a lot when looking at the year as a whole.
The NBS said that food inflation was 11.08 per cent in November 2025, which is 28.85 percentage points less than the 39.93 per cent recorded in November 2024.

But when looking at the month, food inflation went up to 1.13 per cent from a decrease of 0.37 per cent in October.
This was because of higher prices for things like dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions.

The average food inflation rate for the twelve months ending November 2025 was 19.68 per cent, which is lower than the 38.67 per cent seen in the same period in 2024.

Core inflation, which does not include prices for food and energy, was 18.04 per cent in November 2025, down from 28.75 per cent in November 2024.

Looking at the month, core inflation slowed slightly to 1.28 per cent from 1.42 per cent in October.
The twelve-month average rate for core inflation also decreased to 20.76 per cent.

Other sub–indices showed that farm produce inflation was 0.79 per cent in November, compared to zero per cent in October.
Meanwhile, energy inflation rose to 1.08 per cent from 0.50 per cent.

Services inflation increased to 1.82 per cent from 1.54 per cent, and goods inflation rose to 0.79 per cent from 0.63 per cent in the previous month.

At the state level, Rivers recorded the highest year-on-year all-items inflation rate at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent.

Plateau recorded the lowest year-on-year inflation at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent.

On a month-on-month basis, Bayelsa recorded the highest increase at 6.58 per cent, followed by Gombe at 5.11 per cent and Edo at 4.45 per cent, while Plateau, Delta, and Kaduna recorded declines.

Food inflation at the state level showed that Kogi recorded the highest year-on-year increase at 17.83 per cent, followed by Ogun at 16.52 per cent and Rivers at 16.11 per cent.

Imo, Katsina, and Akwa Ibom recorded the slowest rise in food prices on a year-on-year basis. Month-on-month food inflation was highest in Yobe at 9.52 per cent, Katsina at 6.61 per cent, and Ondo at 6.04 per cent, while Imo, Nasarawa, and Enugu recorded declines.

The NBS cautioned that interstate comparisons should be interpreted carefully, noting that CPI weights vary across states based on consumption patterns, which can make direct comparisons of inflation baskets misleading.