Nigeria’s headline consumer inflation fell to 14.45% year-on-year in November from 16.05% in October, according to the National Bureau of Statistics (NBS). The decline marks the seventh consecutive month of slowing inflation, reflecting improved macroeconomic conditions, a favourable base effect, and easing pressures across key consumer categories.
The lastest NBS projections, analysts highlighted that improved domestic food supply, harvest activity, and stable logistics costs contributed to a more benign pricing environment. Food inflation, in particular, eased to an estimated 12.13% annually from 14.43% in October, although month-on-month food prices are expected to rise slightly to 0.91% due to seasonal festive demand.
Core inflation, which excludes volatile food and energy components, also moderated, slowing to 18.16% year-on-year from 18.69% in October. Month-on-month core inflation is projected at 1.38%, slightly lower than the previous month, reflecting easing pressures on non-food items amid stable foreign exchange conditions and improved supply chains.
The November data, if confirmed, would mark the eighth consecutive month of disinflation in Nigeria. Economists say the trend validates ongoing monetary policy tightening and enhanced FX liquidity, while providing room for a gradual shift toward policy easing in early 2026, assuming current macroeconomic conditions remain stable.
“The combination of moderating year-on-year inflation and a contained month-on-month increase strengthens the outlook for a more balanced and sustainable economic environment,” NBS analysts said.
Erizia Rubyjeana
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