Nigeria’s headline inflation rate dropped to 16.05% in October 2025, marking a notable decline from 18.02% recorded in September, according to the latest inflation data released by the National Bureau of Statistics (NBS).
The report shows a 1.96% reduction month-on-month, while on a year-on-year basis, inflation fell by 17.82% compared to October 2024, when it stood at 33.88%.
“This indicates that the headline inflation rate (year-on-year) decreased in October 2025 compared to the same month in the preceding year,” NBS stated, noting that the figures reflect a different base year (November 2009 = 100).
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However, the month-on-month inflation rate rose slightly to 0.93%—up by 0.21% from 0.72% recorded in September 2025. This suggests a faster increase in average price levels in October compared to the previous month.
Food inflation also saw a sharp year-on-year drop to 13.12%, down by 26.04% from 39.16% in October 2024. NBS explained that the major decline is partly due to the change in the base year.
But on a month-on-month basis, food inflation rose to -0.37%, higher than the -1.57% recorded in September, driven by price increases in onions, fruits (oranges, pineapple), shrimp, groundnuts, vegetables (ugu, okazi leaf), and meat products including goat meat, cow tail, and liver.
The report further noted that the average annual food inflation rate for the 12 months ending October 2025 was 21.96%, representing a 16.16% drop from 38.12% recorded in October 2024.
The figures suggest inflationary pressures are easing—although food prices continue to fluctuate.