Nigeria’s inflation rate has continued its downward trajectory, dropping to 16.05 percent in October 2025, according to the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS).
The new figure represents a notable decline from the 18.02 percent recorded in September, marking the seventh consecutive month of easing inflation in the country.
The NBS announced the development on Monday through its verified X (formerly Twitter) handle, noting that the sustained decline reflects ongoing changes in market conditions and price adjustments across key sectors.
Despite the year-on-year drop, the report indicates that on a month-on-month basis, headline inflation rose by 0.93 percent in October, highlighting continued pressure on consumer prices at shorter intervals.
The bureau stated that detailed sectoral analysis will further provide insights into the drivers of the decline, including food inflation, core inflation, and urban-rural breakdowns.
With this latest movement, October’s figure strengthens expectations of a gradual moderation in inflationary pressures as policymakers continue to monitor economic indicators closely.
“This shows that the Headline inflation rate (year-on-year basis) decreased in October 2025 compared to the same month in the preceding year (i.e., October 2024), though with a different base year, November 2009 = 100,” the bureau said.
“On a month-on-month basis, the Headline inflation rate in October 2025 was 0.93%, which was 0.21% higher than the rate recorded in September 2025 (0.72%).
“This means that in October 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2025.”
Food Inflation Rate Declines To 13.12%
The statistics firm also said the food inflation rate for October 2025 was 13.12 percent year-on-year.
According to the NBS, this is 26.04 percent lower compared to the rate recorded in October 2024 (39.16 percent).
“However, on a month-on-month basis, the food inflation rate in October 2025 was -0.37%, up by 1.21% compared to September 2025 (-1.57%),” the report reads.
“The increase can be attributed to the rate of increase in the average prices of Onions (Fresh), Fruits (Oranges, Pineapple), Shrimp, Groundnuts (Unshelled), Vegetables (Ugu, Okazi leaf), and Meat (Goat meat, Cow tail, Liver), among others.
“The average annual rate of Food inflation for the twelve months ending October 2025 over the previous twelve-month average was 21.96%, which was 16.16% points lower compared with the average annual rate of change recorded in October 2024 (38.12%).”
In the month under review, NBS said food inflation, on a year-on-year basis, was highest in Ogun (20.85 percent), Nasarawa (19.96 percent), and Ekiti (19.70 percent).
On the other hand, the bureau said Akwa Ibom (3.98 percent), Katsina (4.15 percent), and Yobe (4.29 percent) recorded the slowest rise in food inflation on a year-on-year basis.
The agency added that in Bauchi (6.77 percent), Abuja (5.11 percent), and Niger (4.84 percent) recorded an increase in food inflation on a month-on-month basis.
Nigeria’s inflation rate has been slowing down since April this year — with the latest being the seventh consecutive decline.
At its September monetary policy committee (MPC) meeting, the Central Bank of Nigeria (CBN) reduced the interest rate to 27 percent — the first cut in five years — after a sustained decline in inflation.
