The National Bureau of Statistics’ most recent figures show Nigeria’s inflation rate slowing further in November to reach 14.45 percent, below the 15 percent goal established in the 2025 federal budget.
The statistics reveal a continuing decline in year-on-year inflation, decreasing from 16.06 percent in October and substantially lower than the 34.6 percent registered in November last year. Reflecting a small increase in average price levels over the previous month, the consumer price index also rose somewhat to 130.5 points.
The News Chronicle gathered that the disinflation trend has been helped by recent economic changes, including more stable exchange rates and harsher monetary policy. But the figures also show underlying pressures: monthly inflation rose to 1.22 percent, mostly pushed by food costs.
Year-on-year food inflation decreased to 11.08 percent, yet experts note that a revision in the base year contributed to this fall. Rising monthly food inflation resulted from the rising prices of basic goods, including tomatoes, cassava, peppers, eggs, and onions, in major markets.
Looking at the data more closely reveals an increasing gulf between rural and metropolitan regions. Although urban inflation decelerated more, rural inflation sped up, hence pointing out continuous cost pressures away from significant towns.
Economists say that low consumer purchasing power is also helping to moderate price rises even as structural obstacles, including instability, high energy costs, and infrastructural deficiencies, keep presenting threats to continuous price stability.
