Nigeria’s inflation cools at last as headline rate falls to 14.45%
Nigeria’s relentless inflation surge showed fresh signs of easing in November as headline inflation fell to 14.45 per cent, down from 16.05 per cent the previous month.
The slowdown comes after years of runaway prices that plunged households into a bruising cost-of-living crisis, squeezing food budgets and eroding purchasing power nationwide.
Figures released on Monday by the National Bureau of Statistics revealed a month-on-month decline of 1.6 percentage points, marking another step down from last year’s highs.
Consumer inflation had peaked close to 35 per cent in December before easing following changes to the statistical base year and a reweighting of items in the inflation basket.
Food inflation, which hits families hardest, slowed sharply to 11.08 per cent year on year in November, compared with 13.12 per cent in October.
The statistics agency said the Consumer Price Index climbed to 130.5 in November, up from 128.9 the month before, even as the headline rate moderated.
On a twelve-month average basis, inflation stood at 20.41 per cent for the year ending November 2025, a dramatic slowdown from 32.77 per cent recorded a year earlier.
Food and non-alcoholic beverages remained the biggest driver of inflation, accounting for 5.78 percentage points, followed by restaurants and accommodation services at 1.87 points and transport at 1.54 points. Housing, utilities, education and health also continued to push prices higher.
Urban inflation fell to 13.61 per cent year on year in November, down sharply from 37.10 per cent in the same month last year, while rural inflation remained higher at 15.15 per cent, though still far below 2024 levels.
Food inflation eased significantly on an annual basis but rose month on month to 1.13 per cent, fuelled by higher prices for staples including tomatoes, cassava, eggs, onions, crayfish and pepper.
Core inflation, which strips out volatile food and energy prices, dropped to 18.04 per cent year on year, compared with 28.75 per cent a year earlier.
The Central Bank of Nigeria has welcomed the gradual cooling but insists inflation remains uncomfortably high. Last month, it held its main interest rate at 27 per cent as prices continued to ease for a seventh straight month.
Governor Olayemi Cardoso said the bank needed to sustain pressure on inflation, warning that double-digit price growth still posed risks to economic stability.
“Headline inflation remains high at double digits, requiring sustained efforts towards moderating it further,” he said, adding that policy adjustments were aimed at encouraging banks to lend rather than park funds with the central bank.
While the latest figures offer cautious optimism, millions of Nigerians are still waiting for meaningful relief at markets and shops where everyday essentials remain painfully expensive.