FX.co ★ Nigeria Inflation Rate Hits 2020-Lows at 14.45%

Nigeria's annual inflation rate decreased to 14.45% in November 2025, the lowest it has been since October 2020, marking eight consecutive months of decelerating price increases. Food inflation, which constitutes the largest portion of the inflation index, continued its downward trend, reaching 11.08% compared to October's 13.12%, benefiting from a robust harvest period. Core inflation, which excludes the volatile prices of agricultural products and energy, also slowed for the fifth consecutive month, lowering to 18% in November—the lowest since February 2023—from 18.7% in October. On a monthly scale, the Consumer Price Index (CPI) climbed by 1.22% in November, the highest in four months, following a prior increase of 0.93%.