Abuja: Nigeria’s headline consumer price inflation continued its downward trajectory in November, easing to 14.45% year-on-year from 16.05% in October, according to official data released on Monday by the National Bureau of Statistics. This marks the eighth consecutive month of inflation deceleration, reflecting gradual relief for households after a prolonged period of surging prices that had strained budgets across Africa’s most populous nation.
The moderation in inflation was largely supported by slowing food price growth. Food inflation dropped to 11.08% in November from 13.12% in October, indicating improved supply conditions for staples and a potential easing of the cost-of-living pressures faced by Nigerian families. Analysts noted that while the figures remain high by global standards, the trend points to a stabilizing economic environment following years of elevated inflation, which at its peak reached nearly 35% last December.
The Central Bank of Nigeria (CBN) has maintained a cautious monetary stance amid these developments, leaving its main interest rate unchanged while signaling a continued focus on bringing inflation closer to its target range. Economists argue that sustained price moderation will depend on stable exchange rates, consistent agricultural output, and prudent fiscal measures, as well as efforts to ensure adequate distribution of essential goods.
Nigeria’s inflation slowdown has been aided by adjustments in the statistical methodology, including a revised base year and recalibrated weightings in the consumer price basket. Despite the easing trend, policymakers remain vigilant, as inflation remains a significant concern for the average Nigerian consumer. The November data will inform the central bank’s strategy heading into 2026, as authorities seek to balance price stability with economic growth.
The latest figures offer a cautiously optimistic outlook, suggesting that inflationary pressures are gradually abating, although the population continues to grapple with elevated costs for essential goods and services. Observers highlight that continued monitoring and policy intervention will be key to ensuring that the disinflationary trend is sustained into the new year.