Nigeria’s inflation rate eased further in October 2025, falling to 16.05 percent, the National Bureau of Statistics (NBS) has reported. The decline marks the seventh consecutive monthly drop this year, reflecting a gradual easing of price pressures in the economy.
On a year-on-year basis, the headline inflation rate was 17.82 percentage points lower than the 33.88 percent recorded in October 2024, highlighting a significant slowdown in the pace of rising prices. However, month-on-month figures indicate a slight acceleration, with inflation in October rising 0.93 percent, up from 0.72 percent in September.
Food Prices Show Steep Yearly Decline
Food inflation, a major contributor to overall household expenditure, dropped to 13.12 percent year-on-year, compared to 39.16 percent in October 2024 — a 26.04 percent decline. Despite this, month-on-month food prices rose slightly by 1.21 percentage points, following a 1.57 percent decline in September. Key drivers of the increase included fresh onions, fruits such as oranges and pineapples, shrimp, groundnuts, leafy vegetables, and various meats, including goat meat and cow tail.
The NBS said the average annual food inflation for the twelve months ending October 2025 was 21.96 percent, a sharp reduction from 38.12 percent in the same period the previous year.
Regional Variations
The bureau noted wide disparities across states: Ogun (20.85%), Nasarawa (19.96%), and Ekiti (19.70%) recorded the highest year-on-year food inflation, while Akwa Ibom (3.98%), Katsina (4.15%), and Yobe (4.29%) experienced the slowest increases. On a month-to-month basis, Bauchi (6.77%), Abuja (5.11%), and Niger (4.84%) recorded notable price rises.
Central Bank Responds to Falling Inflation
The sustained decline in inflation influenced the Central Bank of Nigeria (CBN) in September to cut the benchmark interest rate to 27 percent — the first reduction in five years — signaling confidence in the trend of easing price pressures.
The downward trajectory in both headline and food inflation offers a glimmer of relief for Nigerian households, though continued vigilance is required as prices in key categories, particularly food, remain volatile.
The NBS urged Nigerians to monitor prices and continue supporting policies aimed at maintaining stability in the economy.
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