Nigeria’s Inflation Rate Eases To 16.05% – NBS

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate eased further to 16.05 per cent in October.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October,  released in Abuja, Monday.
According to the report, the headline inflation showed a decrease to 1.96 per cent compared to the 18.02 per cent recorded in September.
The report said on a year-on-year basis, the headline inflation rate was 17.82 per cent lower than the rate recorded in October 2024 at 33.88 per cent.
Furthermore, the report said ‘on a month-on-month’, the headline inflation rate in October was 0.93 per cent, which was 0.21 per cent higher than the rate recorded in September at 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.”
The report said the increase in the headline index for October was attributed to the increase in some items in the basket of goods and services at the divisional level.
It stated that the three major contributors to the headline inflation year on year were Food and Non-Alcoholic Beverages at 6.42 per cent, Restaurants and Accommodation Services at 2.07 per cent, and Transport at 1.71 per cent.
The report showed the least contributors were Recreation, Sport, and Culture at 0.05 per cent, Alcoholic Beverages, Tobacco, and Narcotics at 0.06 per cent, and Insurance and Financial Services at 0.08 per cent.
The report said the food inflation rate in October was 13.12 per cent on a year-on-year basis, which was 26.04 percentage points lower compared to the rate recorded in October 2024 at 39.16 per cent.
“The significant decline in the annual food inflation figure is technically due to the change in the base year.”
It said on a month-on-month basis, the food inflation rate in October was -0.37 per cent, which increased by 1.27 per cent compared to the -1.57 per cent recorded in September.
The NBS said the increase in food inflation on a month-on-month basis was attributed to the increase in average prices of items such as Onions (fresh), Fruits (Orange, Pineapple).