Recent inflation report by the National Bureau of Statistics (NBS) revealed that Nigeria’s headline inflation rate dropped to 16.05% in October 2025 from 18.02% in September. This represents 1.96% decrease.
Data from the report indicate that the country has now recorded seven consecutive months of declining inflation since April 2025.
On a year-on-year basis, the headline inflation rate was 17.82 per cent lower than the rate recorded in October 2024 (33.88 per cent).
On a month-on-month basis, the headline inflation rate in October 2025 was 0.9 per cent, which was 0.21% higher than the rate recorded in September 2025 (0.72 per cent).
According to the NBS data, the food inflation rate in October 2025 was 13.12 per cent on a year-on-year basis.
This was 26.04 per cent points lower compared to the rate recorded in October 2024 (39.16 per cent).
The NBS noted that the significant decline in the annual food inflation figure is technically due to the change in the base year.
However, on a month-on-month basis, the food inflation rate in October 2025 was -0.37 per cent, up by 1.21 per cent compared to September 2025 (- 1.57 per cent).
The increase, according to the NBS, 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 per cent, which was 16.16 per cent points lower compared with the average annual rate of change recorded in October 2024 (38.12 per cent).