Nigeria’s headline inflation rate declined to 14.45 per cent in November 2025, marking a further easing in consumer price pressures, according to the latest Consumer Price Index report released by the National Bureau of Statistics. The data showed that while the Consumer Price Index rose month-on-month to 130.5 points from 128.9 in October, the year-on-year inflation rate dropped from 16.05 per cent, reflecting the impact of the new 2024 base year.
Despite the slowdown in annual inflation, prices continued to rise on a monthly basis, with headline inflation increasing by 1.22 per cent in November compared with 0.93 per cent in October. The NBS attributed the sharp year-on-year moderation largely to the rebasing exercise, noting that November 2025 inflation was over 20 percentage points lower than the 34.60 per cent recorded in the same period of 2024. Food and non-alcoholic beverages remained the biggest drivers of inflation, followed by transport, housing, and restaurant services.
A breakdown of the data showed a clear urban-rural divide. Urban inflation eased to 13.61 per cent year on year, while rural inflation stood higher at 15.15 per cent, driven by stronger monthly price pressures in rural areas. Food inflation also moderated sharply on an annual basis to 11.08 per cent, although month-on-month food prices rebounded, pushed by higher costs of staples such as tomatoes, cassava, eggs, onions, and crayfish.
Reacting to the figures, the organised private sector said the sustained easing of inflation would improve consumer purchasing power and support business activity, but warned that growth could remain uneven without deliberate support for small firms. Business groups, including the Lagos Chamber of Commerce and Industry and the Association of Small Business Owners of Nigeria, urged the Federal Government to roll out targeted and affordable credit facilities for micro, small, and medium enterprises (MSMEs).
Stakeholders said access to finance remains critical as reforms begin to stabilise the economy. They argued that while easing inflation signals policy discipline and improving macroeconomic conditions, MSMEs risk being left behind if support is withdrawn too early. With food prices still central to inflation outcomes, business leaders also called for stronger agricultural support and infrastructure investment, expressing cautious optimism that if the current trend continues, Nigerians could begin to feel broader economic relief by early 2026.
source: punch