Average prices of goods and services in Nigeria have continued to ease, supported by stable foreign exchange (forex) rates, improved food supply, and efficient logistics.

Ahead of the Consumer Price Index (CPI) report release by the National Bureau of Statistics (NBS), independent surveys and econometric models indicated a continued disinflationary trend. Headline inflation fell to approximately 14.00% in November, down from 16.50% in October and 18.02% in September—marking the eighth consecutive monthly decline.

The disinflation trend, which began in April, saw inflation steadily decreasing from 24.23% in March to 23.71% in April, and subsequently to 16.50% in October. Analysts at Coronation Group projected headline inflation for November 2025 to be around 14.30%, while SCM Capital attributed the trend to forex stability, which has reduced pass-through costs for imported goods.

“Nigeria’s headline inflation is expected to ease in November, supported by forex stability, lower input costs, and improved domestic supply conditions. The reopening of borders is also projected to reduce food and non-food price pressures,” SCM Capital noted.

Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), emphasized the need for complementary monetary, fiscal, and structural policies to ensure that disinflation translates into tangible welfare benefits for citizens.

He explained that although overall inflation is declining, key drivers such as food, energy, transport, education, and healthcare continue to dominate household spending. Dr. Yusuf recommended targeted policy interventions, including:

• Subsidizing basic utilities and public transport.
• Investing in mass transit and agricultural inputs to reduce food costs.
• Supporting education and health services to lower costs for households.

“Federal, state, and local governments must collaborate to ensure that the gains of disinflation benefit ordinary citizens, not just macroeconomic indicators,” Yusuf said, highlighting the importance of deliberate fiscal measures to enhance welfare alongside economic stability.