Nigeria’s inflation eases as food prices drop in October

News Update

NIGERIA’s inflation rate has eased to 16.05 per cent relative to the September 2025 inflation rate of 18.02 per cent, the National Bureau of Statistics (NBS) has said.

The drop was hugely impacted by the drop in food inflation in October 2025 to 13.12 per cent, down from 16.87 per cent in September, following the easing of prices for maize, garri and beans.

In its October 2025 inflation report, the NBS said the inflation rate showed a decrease of 1.96 per cent compared to the September 2025 headline inflation rate, and 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%).

“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 statistics office said.

It added that on a month-on-month basis, the headline inflation rate in October 2025 was 0.93 per cent, which was 0.21 per cent higher than the rate recorded in September 2025 (0.72 per cent).

“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. For food inflation, the rate 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%),” the NBS stated further.

Media reports that a significant decline in the annual food inflation figure is technically due to the change in the base year methodology.

Accordingly, 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).

It added that 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).

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Analysts at Meristem and several investment firms projected food inflation to ease further in the near term, supported by the ongoing harvest season and government food security interventions.

On a state level, food inflation was highest in Ogun State at 20.58 per cent, Nasarawa at 19.96 per cent, and Ekiti at 19.70 per cent. Akwa Ibom, Katsina and Yobe recorded the lowest food inflation in the period with 3.98 per cent, 4.15 per cent and 4.29 per cent, respectively.