Nigeria’s Inflation Drops to 16.05%, Records 7th Consecutive Month of Decline

Nigeria’s headline inflation eased for the seventh straight month in October 2025, dropping to 16.05% from 18.02% in September, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.

The new figure represents a 1.96% decrease, strengthening signs that inflationary pressures have continued to cool since April 2025.

On a year-on-year basis, headline inflation fell by 17.82 percentage points compared to October 2024, when it stood at 33.88%.

However, month-on-month inflation slightly increased to 0.9% in October, up by 0.21 percentage points from the 0.72% recorded in September.

ALSO READ: You feed hungry Nigerians with lies - Peter Obi slams Tinubu, accuses him of misrepresenting economic data

Food Inflation Drops Significantly

Food inflation also experienced a significant decline, easing to 13.12% year-over-year in October 2025. This marks a sharp reduction of 26.04 percentage points from the 39.16% recorded in October 2024.

The NBS noted that part of the decline is due to the new base year adopted for computing the CPI.

But month-on-month food inflation rose to -0.37% in October, an increase of 1.21 percentage points from September’s -1.57%.

The bureau attributed this rise to increases in the average prices of onions, fresh fruits (such as oranges and pineapples), shrimp, groundnuts, vegetables (including ugu and okazi), and various meat products, including goat meat, cow tail, and liver.

The average annual food inflation rate for the twelve months ending October 2025 stood at 21.96%, which is 16.16 percentage points lower than the 38.12% recorded in October 2024.

Urban Inflation Slows

Urban inflation dipped to 15.65% year-on-year in October 2025, down by 20.73 percentage points from the 36.38% posted in October 2024.

On a month-on-month basis, urban inflation rose to 1.14%, slightly higher than the 0.74% recorded in September.

The twelve-month average for urban inflation stood at 22.68%, a 11.84 percentage point decrease from the 34.52% recorded a year earlier.

Rural Inflation Continues Downward Trend

Rural inflation followed a similar pattern, falling to 15.86% year-on-year in October 2025—15.73 percentage points lower than the 31.59% recorded in October 2024.

ALSO READ: 5 Economic signs Nigeria’s middle class is shrinking

Month-on-month rural inflation slowed to 0.45%, down by 0.22 percentage points from 0.67% in September.

The twelve-month average rural inflation rate was 20.81% in October, marking a 9.42-point decrease from the 30.24% recorded in October 2024.

Nigeria's sustained decline in inflation suggests improving price stability, though the slight rise in month-on-month figures indicates lingering pressures in key food and urban markets.

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