Business
BREAKING: Nigeria’s Headline Inflation Drops To 14.45% [Details]
Nigeria’s headline inflation rate eased further in November 2025, dropping to 14.45 per cent year on year, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).
The report, published on the NBS website on Monday, showed that while consumer prices continued to rise every month, annual inflation moderated significantly under the new base year.
According to the NBS, the Consumer Price Index increased to 130.5 points in November 2025 from 128.9 points in October, representing a 1.6-point rise month on month.
“The Consumer Price Index rose to 130.5 in November 2025, reflecting a 1.6-point increase from the preceding month (128.9),” the bureau stated.
However, the headline inflation rate declined to 14.45 per cent year on year, compared with 16.05 per cent recorded in October 2025.
“In November 2025, the Headline inflation rate eased to 14.45 per cent relative to the October 2025 headline inflation rate of 16.05 per cent.
“Looking at the movement, the November 2025 Headline inflation rate showed a decrease of 1.6 per cent compared to the October 2025 Headline inflation rate,” the report added.
Monthly Inflation Still Rises
Naija News understands that on a month-on-month basis, headline inflation stood at 1.22 per cent in November, higher than the 0.93 per cent recorded in October, indicating that average prices increased at a faster pace during the month despite the moderation in annual inflation.
The NBS noted that headline inflation in November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, largely reflecting the impact of the rebasing exercise, with the new base year set at 2024 instead of 2009.
Data from the report showed that the average CPI for the twelve months ending November 2025 rose by 20.41 per cent compared with the average of the preceding twelve months, a sharp slowdown from the 32.77 per cent recorded in November 2024.
Food and non-alcoholic beverages remained the largest contributor to headline inflation on a year-on-year basis, accounting for 5.78 percentage points. This was followed by restaurants and accommodation services at 1.87 percentage points and transport at 1.54 percentage points.
Housing, water, electricity, gas and other fuels contributed 1.22 percentage points, while education services and health accounted for 0.90 and 0.88 percentage points, respectively.
At the month-on-month level, food and non-alcoholic beverages also drove price increases, contributing 0.49 percentage points, followed by restaurants and accommodation services at 0.16 percentage points and transport at 0.13 percentage points.
Urban Inflation Drops Sharply
A breakdown by location showed that urban inflation stood at 13.61 per cent year on year in November 2025, a 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, however, accelerated sharply to 1.88 per cent from 0.45 per cent in October, reflecting stronger price pressures in rural areas during the month.
Food Inflation Moderates Annually
Food inflation also moderated significantly on an annual basis. The NBS reported that food inflation stood at 11.08 per cent year on year in November 2025, down by 28.85 percentage points from the 39.93 per cent recorded in November 2024.
However, month-on-month food inflation rose to 1.13 per cent from a contraction of 0.37 per cent in October.
The increase was driven by higher prices of items such as dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, egusi, oxtail and fresh onions.
The average annual food inflation rate for the twelve months ending November 2025 was 19.68 per cent, compared with 38.67 per cent in the same period of 2024.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 18.04 per cent year on year in November 2025, down from 28.75 per cent in November 2024.
On a month-on-month basis, core inflation eased slightly to 1.28 per cent from 1.42 per cent in October, while the twelve-month average core inflation rate fell to 20.76 per cent.
Other sub-indices showed that farm produce inflation rose to 0.79 per cent in November from zero per cent in October, while energy inflation increased to 1.08 per cent from 0.50 per cent.
Services inflation rose to 1.82 per cent from 1.54 per cent, and goods inflation increased to 0.79 per cent from 0.63 per cent in the previous month.
States’ Inflation Picture
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 rate 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 data 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, followed by 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 differ across states based on consumption patterns, which could make direct comparisons of inflation baskets misleading.
Petrol and cooking gas prices declined year-on-year in December 2025, signalling a gradual easing of household energy costs, according to separate reports released by the National Bureau of Statistics (NBS).
Naija News reports that data from the bureau showed that both Liquefied Petroleum Gas (LPG), commonly used for cooking, and Premium Motor Spirit (PMS), also known as petrol, recorded notable price reductions compared with December 2024, alongside modest month-on-month declines.
The NBS noted that while the downward trend was observed across most states and geopolitical zones, prices continued to vary widely depending on location.
5kg Of Cooking Gas Price Drops By 25%
According to the report, the average price for refilling a 5kg cylinder of LPG declined by 1.20 per cent month-on-month, falling from ₦5,425.78 in November 2025 to ₦5,360.43 in December 2025.
On a year-on-year basis, the price fell sharply by 25.31 per cent, down from ₦7,177.27 recorded in December 2024.
Confirming the trend, the NBS stated, “The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 1.20 per cent on a month-on-month basis,” adding that the year-on-year decline stood at 25.31 per cent.”
A state-level analysis showed that Kaduna recorded the highest average price for refilling a 5kg cylinder at ₦5,838.66, followed by Jigawa at ₦5,825.09 and Osun at ₦5,777.80.
On the lower end, Katsina recorded the cheapest average price at ₦4,855.80.
Similarly, the average retail price for refilling a 12.5kg cylinder of LPG fell by 0.74 per cent month-on-month, declining from ₦13,538.79 in November 2025 to ₦13,438.90 in December 2025.
Year-on-year, the price dropped by 22.20 per cent from ₦17,274.16 recorded in December 2024.
On a state-by-state basis, Abia recorded the highest average price for refilling a 12.5kg cylinder at ₦14,489.96, followed by Osun at ₦14,444.50 and Delta at ₦14,393.17, the bureau said.
Petrol Price Dips To ₦1,048
The NBS also reported a decline in the average retail price of petrol.
According to the report, the average price of Premium Motor Spirit stood at ₦1,048.63 in December 2025, representing an 11.81 per cent decrease compared with ₦1,189.12 recorded in December 2024.
The bureau stated, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2025 was ₦1,048.63.”
On a month-on-month basis, petrol prices declined by 1.20 per cent, down from ₦1,061.35 recorded in November 2025.
Further analysis showed that Kogi State recorded the highest average petrol price at ₦1,104.45, while Oyo State had the lowest at ₦996.55.
Regionally, the North East emerged as the most expensive zone for petrol, while the South West recorded the lowest average prices.
Nigeria’s naira recorded one of its strongest performances in months on Tuesday, January 27, 2026, appreciating sharply against the US dollar at the official foreign exchange window amid improving liquidity and rising confidence in the country’s FX reforms.
The local currency strengthened to around ₦1,400 per dollar at the official market, marking its firmest level since the Central Bank of Nigeria (CBN implemented sweeping FX reforms.
The move signals easing pressure on the naira and renewed optimism among investors and market participants.
According to the CBN’s daily foreign exchange report, the naira closed at ₦1,401.22 per dollar, representing a 1.27 percent appreciation on the day.
Market operators described the move as a reflection of improved dollar supply and stronger participation by banks and other authorised dealers.
Traders said the official window saw increased volumes, with the improved liquidity helping to narrow volatility and reduce speculative demand.
The latest performance reinforces the view that the reforms aimed at unifying exchange rates and improving price discovery are beginning to yield results.
The positive momentum extended to the parallel market, where the naira also posted modest gains.
Channel checks showed the local currency appreciating by about 0.33 per cent to trade around ₦1,476 per dollar. While the gap between the official and parallel rates remains, analysts say the narrowing spread reflects improving confidence across both the regulated and informal segments of the FX market.
According to a report by MarketForces Africa, reduced arbitrage opportunities and stronger supply conditions are helping to stabilise pricing.
The naira’s rally comes against the backdrop of rising external reserves, which have strengthened the CBN’s ability to intervene when necessary and support market liquidity.
Higher reserves are widely viewed as a key confidence signal for foreign investors, particularly portfolio investors who remain sensitive to currency risk.
Market watchers say consistent inflows from export earnings, improved remittance flows, and cautious monetary management have all contributed to the improved outlook for the naira in recent weeks.
Clarivo Oil and Gas, led by Chief Obidike Chukwuebuka, has announced plans to build a world-class oil refinery in Calabar, Cross River State, aimed at boosting Nigeria’s downstream oil and gas sector.
Speaking to journalists, Chief Obidike said the project will be implemented in phases, in collaboration with foreign partners to bring advanced technical expertise and international industry standards.
The planned refinery will feature state-of-the-art technologies, including crude distillation, catalytic cracking, and hydrotreating units, enabling the production of high-quality petroleum products such as petrol, diesel, and aviation fuel.
The phased approach will begin with feasibility studies and front-end engineering design, followed by construction of core processing units, and conclude with installation of secondary units and commissioning.
Chief Obidike noted that the refinery aims to increase domestic refining capacity, reduce dependence on imported petroleum products, and enhance Nigeria’s energy security. He added that the project is expected to create significant employment across engineering, construction, operations, and logistics, while facilitating technology transfer through partnerships with international EPC contractors and investors.
On funding, he revealed that agreements with foreign stakeholders are being finalized to provide both technical and financial support. The refinery is projected to come online within five years, following the completion of all project phases and regulatory approvals.
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