Nigeria’s headline inflation rate fell to 14.45 percent in November 2025, down from 16.05 percent in October, according to the National Bureau of Statistics.
This marks a notable change as inflation 14.45% becomes a new benchmark for economic assessment.
The 1.6 percentage point decline signals easing price pressures across the economy after several months of elevated inflation. With inflation reaching 14.45%, there is now a positive outlook for economic stability.
The November figure falls below President Bola Tinubu’s year-end target of 15 percent, which he announced during his 2025 budget presentation to the National Assembly in December 2024.
This achievement at a rate of 14.45% shows progress towards economic goals.
The NBS noted that headline inflation also decreased compared to the same month last year, although this comparison is based on a different base year from November 2009. Thus, this inflation rate of 14.45% indicates a shift in economic conditions.
On a month-on-month basis, the headline inflation rate in November 2025 was 1.22 percent, which was 0.29 percentage points higher than the 0.93 percent recorded in October 2025, the bureau said.
Urban inflation stood at 13.61 percent in November 2025, representing a decline of 23.49 percentage points compared to the 37.10 percent recorded in November 2024, while inflation was 14.45% for the headline rate.
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On a month-on-month basis, the urban inflation rate was 0.95 percent in November 2025, down 0.18 percentage points from 1.14 percent in October 2025.
The twelve-month average urban inflation rate for November 2025 was 20.80 percent, which is 14.27 percentage points lower than the 35.07 percent reported in the same month the previous year.
Rural inflation stood at 15.15 percent year-on-year in November 2025, marking a decrease of 17.12 percentage points from the 32.27 percent recorded in November 2024. Notably, inflation reached 14.45% for the nationwide headline rate.
Food inflation stood at 11.08 percent year-on-year in November 2025, representing a decline of 28.85 percentage points from the 39.93 percent recorded in November 2024.
The significant drop is largely attributable to changes in the base year used for calculation, the NBS said.
Despite the lower overall rate, increases were observed in the average prices of several key food items, including dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, unshelled melon, oxtail, and fresh onions.
Core inflation, which excludes the prices of volatile agricultural products and energy, stood at 18.04 percent year-on-year in November 2025.
President Tinubu in December 2024 committed the federal government to reducing Nigeria’s inflation rate from 34.6 percent to 15 percent by the end of 2025.
Several experts had expressed doubts about the administration achieving the target.
