Nigeria’s Inflation Stood at 15.15% in December 2025 After CPI Rebasing — NBS

Nigeria’s headline inflation rate climbed to 15.15 per cent in December 2025, according to the National Bureau of Statistics (NBS).

The statistics agency disclosed this in a statement issued on Thursday, December 15, noting that the latest inflation figures follow the completion of a rebasing exercise.

It explained that the report is now based on a new Consumer Price Index (CPI) base year of 2024, with a weight reference period of 2023.

“The Consumer Price Index (CPI) rose to 131.2 in December 2025 and reflects a 0.7-point increase from the preceding month.

“Hence, the headline inflation rate for December 2025 stood at 15.15%, using a 12-month index reference period where 2024 is equated to 100,” NBS said.

The bureau further clarified that the December 2025 year-on-year headline inflation rate and other sub-indices were derived using a maximised 12-month index reference period, where the average CPI for the 12 months of 2024 is set at 100.

It said this differs from the single-month index reference period, in which December 2024 was equated to 100.

Pinnacle Daily reports that the inflation rate declined for the eighth consecutive time to 14.45 per cent in November 2025, the mildest since October 2020.

Key drivers of inflation

According to the NBS, food and non-alcoholic beverages were the largest contributors to headline inflation at the divisional level, accounting for 6.06 per cent. Restaurants and accommodation services followed at 1.96 per cent, while transport contributed 1.62 per cent.

The least contributors were recreation, sport and culture at 0.05 per cent; alcoholic beverages, tobacco and narcotics at 0.05 per cent; and insurance and financial services at 0.07 per cent.

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On a month-on-month basis, headline inflation stood at 0.54 per cent in December 2025, representing a slowdown of 0.68 percentage points from the 1.22 per cent recorded in November.

Food inflation declines month-on-month

Food inflation eased to 10.84 per cent year-on-year in December 2025. On a month-on-month basis, food inflation declined by 0.36 per cent, down by 1.49 percentage points from the 1.13 per cent recorded in November.

“The decrease can be attributed to the rate of decrease in the average prices of tomatoes, garri, eggs, potatoes, carrots, millet, vegetables, plantain, beans, wheat grain, ground pepper, onions (fresh), among others,” NBS stated.

Core inflation moderates

Core inflation, which excludes volatile agricultural produce and energy prices, stood at 18.63 per cent year-on-year in December 2025.

Month-on-month, core inflation slowed to 0.58 per cent, down by 0.7 percentage points from the 1.28 per cent recorded in November.

The energy index rises as others decline

The NBS noted that among newly introduced indices, only energy recorded a significant increase in December, rising by 2.74 per cent.

In contrast, farm produce declined to -0.41 per cent, services eased to 0.15 per cent, and goods moderated to 0.64 per cent.

Urban and rural inflation

Urban inflation stood at 14.85 per cent year-on-year in December 2025. On a month-on-month basis, it rose slightly to 0.99 per cent, up from 0.95 per cent in November.

Rural inflation was recorded at 14.56 per cent year-on-year, while month-on-month inflation fell sharply to -0.55 per cent, down by 2.43 percentage points from 1.88 per cent in November.

State-level price movements

In its state-level analysis, the NBS cautioned that inflation comparisons across states should be interpreted carefully.

It explained that CPI weights are based on consumption expenditure patterns that vary by state and location, meaning the weight assigned to specific food and non-food items differs across states, making direct interstate comparisons potentially misleading.

• All-items inflation

In December 2025, Abia recorded the highest year-on-year all-items inflation rate at 19.03 per cent. Ogun followed with 18.80 per cent, while Katsina posted 18.66 per cent.

Sokoto had the lowest increase in headline inflation at 8.61 per cent. Plateau and Kaduna also recorded relatively low rates at 9.05 per cent and 10.38 per cent, respectively.

On a month-on-month basis, inflation rose the most in Cross River at 3.11 per cent. Abia followed with a 2.63 per cent increase, while Delta recorded a 2.53 per cent rise.

In contrast, inflation declined in Ondo by 3.74 per cent. Gombe saw a drop of 3.02 per cent, while Jigawa recorded a decline of 1.96 per cent.

• Food inflation

At the state level, Yobe recorded the highest year-on-year food inflation in December 2025 at 15.25 per cent. Ogun followed at 14.12 per cent, while Abuja recorded 13.24 per cent.

Akwa Ibom had the slowest rise in food prices at 4.34 per cent. Sokoto and Plateau also recorded relatively low increases at 4.62 per cent and 6.19 per cent, respectively.

On a month-on-month basis, Imo recorded the highest increase in food inflation at 3.19%. Nasarawa followed closely with a 3.16 per cent increase, while Yobe posted a 1.18 per cent rise.

However, food inflation declined in Plateau by 2.76 per cent. Rivers recorded a drop of 2.50 per cent, while Zamfara saw a decrease of 1.93 per cent.