Inflation Drops To 14.45% As CBN Monetary Reforms Ease Price Pressure

Nigeria’s headline inflation rate declined to 14.45 per cent in November 2025, signalling a sustained moderation in price pressures and reinforcing expectations that recent monetary tightening and foreign exchange reforms by the Central Bank of Nigeria (CBN) are beginning to yield results.

The figure represents a 1.6 percentage-point drop from the 16.05 per cent recorded in October 2025, according to data released on Monday by the National Bureau of Statistics (NBS).

The latest data marks one of the most significant month-on-month slowdowns in inflation this year, after prolonged periods of elevated prices driven by currency volatility, supply chain disruptions, and high food costs.

The NBS said the decline points to a gradual easing of inflationary trends across key segments of the economy, even as underlying cost pressures remain evident.

On a month-on-month basis, headline inflation rose to 1.22 per cent in November 2025, compared with 0.93 per cent in October 2025.

The bureau explained that while overall inflation is moderating on an annual basis, the pace of price increases within the month was slightly higher than in the preceding period.

“On a month-on-month basis, the headline inflation rate in November 2025 was 1.22 per cent, which was 0.29 per cent higher than the rate recorded in October 2025 (0.93 per cent),” the NBS stated.

“This means that in November 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in October 2025.”

A breakdown of the data showed a pronounced deceleration in urban inflation, which stood at 13.61 per cent year-on-year in November 2025.

This represents a sharp 23.49 percentage-point decline from the 37.10 per cent recorded in November 2024.

On a month-on-month basis, urban inflation eased to 0.95 per cent, down from 1.14 per cent in October 2025. The 12-month average urban inflation rate fell to 20.80 per cent compared with 35.07 per cent in the corresponding period of 2024.

Similarly, rural inflation moderated significantly, with the year-on-year rate declining to 15.15 per cent in November 2025, down by 17.12 percentage points from 32.27 per cent recorded in November 2024.