Despite Nigeria experiencing seven consecutive months of disinflation, many Nigerians say they have yet to feel any relief in their daily lives.

According to the National Bureau of Statistics (NBS), headline inflation slowed to 16.05% in October 2025, down from 18.02% in September. Food inflation also eased, falling to 13.12% from 16.9%.

However, experts argue that these figures do not reflect the reality facing millions of households.

Why the relief isn’t felt

Dr. Muda Yusuf, CEO of CPPE, explains that price pressures remain high across essential sectors like food, transportation, housing, utilities, education, and health, which make up 84% of inflation. Structural challenges—such as high logistics costs, energy constraints, insecurity in food-producing regions, and climate disruptions—continue to limit the real benefits of disinflation. He recommends coordinated reforms across key sectors to improve living standards.

Mazi Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria, says official inflation numbers understate the true economic reality. He estimates that real inflation may be as high as 29%, pointing to rising costs for food, rent, transport, fuel, and other essentials.

Prof. Godwin Oyedokun, an economist, outlines six reasons why Nigerians still feel the pinch:

1. Prices are still high — disinflation only means prices are rising more slowly, not falling.
2. Stagnant incomes — wages, pensions, and small business earnings have not kept up with inflation.
3. Persistent cost drivers — exchange rate fluctuations, high energy costs, logistics inefficiencies, insecurity, and elevated interest rates continue to push prices up.
4. Inflation expectations — businesses anticipate higher future prices and adjust costs preemptively.
5. State-level variations — some regions face much higher inflation than the national average.
6. Widespread poverty — high unemployment and poverty reduce the impact of any statistical improvements.

In summary, while official statistics show a slowdown in inflation, Nigerians continue to face high prices and structural challenges that prevent real improvement in their daily lives.