Nigeria’s headline inflation rate declined to 16.05 per cent in October 2025, down from 18.02 per cent recorded in September, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The October figure reflects a 1.96 per cent decrease from the previous month. The report also shows that Nigeria has now recorded seven consecutive months of declining inflation, beginning in April 2025.
On a year-on-year basis, headline inflation in October 2025 was 17.82 per cent lower than the 33.88 per cent recorded in October 2024. However, month-on-month inflation rose slightly to 0.9 per cent, which is 0.21 per cent higher than the 0.72 per cent recorded in September 2025.
Food Inflation
The NBS reported that year-on-year food inflation stood at 13.12 per cent in October 2025, marking a 26.04-percentage-point decrease from 39.16 per cent in October 2024.
The Bureau explained that the sharp annual decline is technically linked to a change in the base year.
Month-on-month food inflation increased to -0.37 per cent in October 2025, up by 1.21 per cent compared to -1.57 per cent in September.
This rise, according to the NBS, was driven by increases in the average prices of fresh onions, fruits (such as oranges and pineapple), shrimp, groundnuts (unshelled), vegetables (including ugu and okazi leaf), and meat varieties such as goat meat, cow tail, and liver.
The average annual food inflation rate for the twelve months ending October 2025 was 21.96 per cent, reflecting a 16.16-percentage-point drop from 38.12 per cent recorded in October 2024.
Urban Inflation
The report shows that urban inflation stood at 15.65 per cent year-on-year in October 2025, representing a 20.73-percentage-point decrease from 36.38 per cent in October 2024.
Month-on-month urban inflation rose to 1.14 per cent, up by 0.4 per cent compared to 0.74 per cent in September 2025.
The twelve-month average urban inflation rate was 22.68 per cent, 11.84 percentage points lower than the 34.52 per cent recorded in October 2024.
Rural Inflation
Rural inflation was 15.86 per cent year-on-year in October 2025, dropping by 15.73 percentage points from 31.59 per cent in October 2024.
On a month-on-month basis, rural inflation declined to 0.45 per cent, down by 0.22 per cent from 0.67 per cent in September 2025.
The corresponding twelve-month average rural inflation rate stood at 20.81 per cent, representing a 9.42-percentage-point decrease from 30.24 per cent in October 2024.
