MON DEC 15 2025-theGBJournal| Nigeria’s headline inflation eased by 160bps to 14.45% y/y in November (October: 16.05% y/y), according to latest CPI data from the National Bureau of Statistics (NBS).
However, on a month-on-month basis, consumer prices increased by 29bps to 1.22% (October: +0.93% m/m), in line with analysts expectations and high than Cordros Research estimate of 1.09%.
The 1.22% m/m uptick reflects persistent cost pressures in core components.
Food inflation moderated by 204bps to 11.08% y/y in November (October: 13.12% y/y).
On a month-on-month basis, the food index rose by 1.13% (October: -0.37% m/m), due to the rate of increase in the average prices of Tomatoes (Dried), Cassava Tuber, Periwinkle (Shelled), Grounded Pepper, Eggs, Crayfish, Melon (Egusi) Unshelled, Oxtail, Onions (Fresh), etc.
Elsewhere, core inflation (all items excluding farm produce and energy) decreased by 65bps to 18.04% y/y in November (October: 18.69% y/y). On a month-on-month basis, the core inflation eased by 14bps to 1.28% m/m (October: +1.42% m/m).
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