The country’s headline inflation rate declined Month-on-Month from 18.02% in September 2025 to 16.05% in October 2025, a 1.97%.

On a Year-on-Year basis, the inflation rate fell to 16.05% in October 2025 from 33.88% recorded in October 2024, revealing a significant reduction compared to the same period last year.  

The Consumer Price Index (CPI), which measures changes in the average prices of goods and services, rose to 128.9 basis points in October 2025, up from 127.7 basis points in September 2025, indicating a 1.2 point increase.

Nigeria’s CPI growth rate, however, decreased from 32.26% in October 2024 to 10.24% in October 2025.

Urban Inflation closed at 15.65% Year-on-Year and 1.14% Month-on-Month, while rural inflation closed at 15.86% Year-on-Year and 0.45% Month-on-Month.

For the Combined rural and urban State CPI on a Year-on-Year basis, Ekiti, Nasarawa and Zamfara recorded the highest increases in all-items inflation rate at 20.14%, 18.97%, and 18.81% respectively. Bauchi, Anambra, and Gombe recorded the lowest increases at 9.99%, 11.72%, and 11.73%.

On a Month-on-Month basis, Niger and Anambra recorded the highest rise in all-items inflation rate at 4.90%, each, followed by Enugu at 4.72%.

Edo, Kastina, and Adamawa recorded the lowest Month-on-Month changes with -4%, -3.26%, and -3.10% respectively.

For Nigeria’s food inflation in October 2025, Ogun, Nasarawa, and Ekiti recorded the highest Year-on-Year increases at 20.85%, 19.96%, and 19.70%. Akwa Ibom, Kastina, and Yobe posted 3.98%, 4.15%, and 4.29%.

Month-on-Month food inflation was highest in Bauchi (6.77%), the FCT (5.11%), and Niger (4.84%), while Kastina (-7.72%), Oyo (-5.89%), and Taraba (-4.89%) recorded the biggest decline. 

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The CPI rose to 125.9 in July from 123.4 in June, reflecting a 2.5-point increase. Year-on-year, inflation dropped sharply by 11.52 percentage points from 33.40% in July 2024. However, month-on-month, headline inflation climbed to 1.99%, up from 1.68% in June, indicating a faster pace of price increases.

Urban inflation stood at 22.01% year-on-year, down from 35.77% in July 2024. Food inflation eased to 22.74% year-on-year, 16.79 percentage points lower than the 39.53% recorded a year earlier. On a monthly basis, food inflation fell slightly to 3.12% from 3.25% in June, largely due to lower prices of key items such as vegetable oil, local rice, and maize flour.

By state, Borno (34.52%), Niger (27.18%), and Benue (25.73%) recorded the highest year-on-year inflation rates, while Yobe (11.43%), Zamfara (12.75%), and Katsina (15.64%) posted the lowest. Month-on-month, Borno (6.11%), Zamfara (5.72%), and Kano (4.31%) saw the steepest increases, while Bauchi (0.26%), Katsina (0.30%), and Anambra (0.37%) recorded the smallest rises.

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While this decline shows a slowdown in price increases, it does not necessarily mean that the cost of living is improving for the average Nigerian.

A 1.30% drop in inflation may seem like prices are beginning to drop, compared to February 2024, when inflation stood at 31.70%, this is an 8.52% year-on-year decline. However, the truth is that essential goods and services are still expensive.

The NBS says the decline is partly due to adjustments in the base year used to calculate inflation, and this means while the numbers look better, the actual effect on purchasing power may be less.

Food inflation stood at 23.51% in February, a sharp drop from 37.92% recorded a year earlier. The NBS notes that the decline in food inflation is due to a statistical adjustment rather than a genuine reduction in food prices.

Month-on-month, food prices still increased by 1.67%, with staples like yam, potatoes, soya beans, and maize flour seeing slight reductions in price. However, for a country where food makes up a huge portion of household expenses, any increase, no matter how small, continues to bite.

Inflation in urban areas stood at 25.15%, while rural areas saw a lower rate of 19.89%. Though both figures show declines from a year ago, they still speak loads about a harsh economy. Rural communities, where incomes are generally lower, are seeing slower price increases, but access to affordable goods remains a struggle.

A slowdown in inflation doesn’t mean prices are coming down; it just means they are increasing at a slower pace. The relief many Nigerians need—actual price reductions—has not yet materialised. Economic policies, exchange rate stability, and production costs will keep impacting how inflation behaves both now and later on.

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The NBS report revealed that the November inflation rate was 6.4 percentage points higher than the 28.2% recorded in the same month last year. 

The month-on-month inflation rate for November also increased by 0.72%, further weakening the purchasing power of Nigerians already facing high costs of living.

Food inflation, a big component of the CPI, reached 39.93% on a year-on-year basis, up from 32.84% in November 2023. 

On a monthly basis, food inflation edged up to 2.98% from 2.94% in October 2024. The steep rise was driven by high prices of essential items such as rice, yam flour, millet, dried fish, goat meat, and powdered milk.

The report attributed the high inflation to supply chain disruptions, rising transportation costs, and the lingering effects of policy reforms. For many households, this has translated into a severe cost-of-living crisis, with basic necessities increasingly out of reach.

Economic analysts trace much of the inflation surge to policy decisions taken by President Bola Tinubu’s administration. 

Upon assuming office in May 2023, Tinubu removed the petrol subsidy and floated the naira, leading to a sharp increase in petrol prices—from under ₦200 per litre to over ₦1,100 in some regions—and a steep depreciation of the naira, which now trades at over ₦1,600 to the dollar.

While international financial institutions like the World Bank and IMF had long called for these reforms to stabilise Nigeria’s economy, the immediate fallout has been a spike in inflation and widespread hardship for citizens. 

The removal of subsidies, coupled with volatile exchange rates, has made energy, transportation, and imported goods considerably more expensive.

With inflation continuing its upward growth, experts warn of far-reaching implications for the nation’s economy and social stability. 

The cost of living has eroded disposable income and deepened poverty levels across Nigeria. Meanwhile, calls for the government to cushion the effects of its reforms through targeted social programmes and fiscal interventions have grown louder.

The inflation rate also brings a challenge to monetary authorities. The Central Bank of Nigeria (CBN) may face increasing pressure to tighten monetary policy, despite issues about the possible impact on borrowing costs and economic growth.

For millions of Nigerians, the hope is that policymakers will strike a balance between necessary reforms and measures that protect the most vulnerable populations.

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Prices of food items such as rice, eggs, beans, fish, garri, yam, sweet potato, plantain, maize and others have seen an over 100 per cent increase year-on-year according to the National Bureau of Statistics (NBS).

Speaking in Lagos on Wednesday, Ms Abisola Olusanya, the State Commissioner for Agriculture and Food Systems, highlighted the long-term measures, including supporting farmers in cluster settlements to produce and sell food products at affordable prices through food hubs, improving distribution networks, and investing in infrastructure that supports food supply chains.

These efforts, according to her, aim to ensure that inflation remains under control, which is crucial for the overall economic stability and welfare of the state’s residents.

Olusanya noted that  rising food costs has become a significant source of concern for the  government  as many Nigerians are having to alter or sacrifice as rising food costs nip at their wallets.

She stated that the support for cluster farming aims to reduce transaction costs and encourage farmers to make use of food hubs for the affordable distribution of products.

For instance, the Mushin Agro Food Hub in Idi-Oro, Mushin, according to her, has provided data showing the potential for the government to collaborate with farmers and decrease food prices.

Since its opening last December, she said the hub has generated N918 million in food transactions within 40 days of weekend trading.

The Commissioner, who expressed delight at the warm reception of the food hub by Lagosians, said 339 vendors had registered at the hub, and elaborated on the plans to construct more Agro Food Hubs across the State.

She emphasised that food processing serves as the growth engine of the agriculture sector and highlighted the interconnectedness of the fortunes of the agriculture and food processing sectors.

She stressed the necessity of establishing food hubs to tackle issues such as food spoilage and wastage, food security, inflation, and declining farm incomes.

She emphasised the need to revamp the state’s agriculture sector to meet global standards through the implementation of integrated food hubs equipped with facilities like multi-temperature cold storage, food processing units, retail markets, sorting and packing areas, enabling farmers to enhance the value of their produce and sell directly to consumers.

The presence of Mushin Agro Food Hub, Idi-Oro Mushin, she  added , can revolutionise agricultural marketing and open the gateway for farmers of any size and dispensation.

Olusanya noted that Lagos has become the fastest growing large economy.

Going forward, she  said, the government was partnering states in the Southwest to produce cassava, maize  and other staples to combat  rising food prices and l keep inflation under check and also ensure economic growth.

The post How Lagos State Government Tackles High Food Prices appeared first on Tech | Business | Economy.

Many times, these days, I feel like that old woman in the saying, especially when I see skits where food is wasted and there are too many of them now. I don’t find them funny. I can’t laugh. They offend my sensibility. Food don cost. 

This rising food cost is called food inflation. Food inflation refers to the rate at which food prices increase over a specific period, typically measured by the Consumer Price Index (CPI) for food. This metric indicates how much the cost of a standard basket of food items has risen, impacting consumers’ purchasing power and overall cost of living.

According to the Nigerian Bureau of Statistics, “In April 2024, the food inflation rate reached 40.53 per cent on a year-on-year basis, marking a substantial increase of 15.92 percentage points from the 24.61 per cent recorded in April 2023.”

People across the length and breadth of the country have adopted (and are adopting) various strategies to cope with soaring food prices. It’s a picture that should worry anyone with a conscience.

A simple scan of households reveals that many families are shifting from more expensive food items to cheaper, less nutritious alternatives.

This often means reducing protein intake and relying more on carbohydrates. This is inadvertently compounding the nation’s protein deficiency woes.

• Reports indicate that some households are reducing the number of meals they consume daily. Instead of three meals, many now eat just once or twice a day.

Take a closer look at your driver, security guards and other domestic staff today, do their necks appear thinner?

Fortunately, community support appears to be on the rise. This refers to informal community networks that play a crucial role in augmenting family meals. It can be neighbours or extended families sharing food and resources to provide a buffer against acute shortages.

There is an increased reliance on street food. Street food vendors, offering relatively affordable meals, have become an essential part of daily sustenance for many urban poor. They are a good reason many people are surviving. They provide a life-giving service.

Many people have equally resorted to the time-honoured pattern of borrowing money or buying food on credit from local vendors. While this ensures people can live to fight another day, it equally perpetuates the cycle of debt.

It is time to mitigate the adverse effects of food inflation. The government, the major driver of inflation through its policies, must now take several urgent measures to help curb it and provide immediate and long-term relief to Nigerians.

Let me start with my favourite theme, the government must provide food subsidies. I believe that implementing subsidies for essential food items and controlling prices can help make basic foods more affordable. Subsidies on fertilizers and seeds can also reduce production costs for farmers.

Two, it needs to urgently strengthen food security programs. This includes expanding food aid programs and school feeding schemes that can ensure that vulnerable populations, particularly children, receive adequate nutrition.

Three, agricultural support initiatives must be pursued relentlessly including security. There are several states where farmers can’t go to farm because of fear of bandits and kidnappers. The government must stop treating the security situation with kid gloves.

In line with the first point, emergency relief funds should also be on the card. Establishing emergency relief funds to support households in dire need can provide immediate financial assistance to purchase food. The Lagos State Government, earlier in the year, spoke of a mass resident feeding program through local bukas. Who knows how that initiative is progressing?

I’ll be the first to admit that the government cannot possibly do everything by itself.

Private organisations also have a vital, even if, complementary role to play in addressing the food crisis.

Companies can launch CSR programs focused on food distribution, nutritional education, and support for local agriculture. They can, in addition, collaborate with non-governmental organisations (NGOs) to fund and implement food relief projects to expand the reach and impact of aid efforts.

The food inflation crisis is real. The hunger in the land is pervasive. The government cannot afford to keep paying lip service to the situation. Concrete action is required, urgently.

While the government must take the lead in implementing policy measures to stabilize food prices and support agricultural production, private organisations can play a significant role in providing immediate assistance and promoting sustainable solutions.

By working together, we can help mitigate the impact of food inflation on the most vulnerable populations and ensure food security for all citizens.

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Elvis Eromosele, a corporate communication professional and public affairs analyst, wrote via: elviseroms@gmail.com

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According to the report, Kogi leads the surge in inflation by 48.46%, followed by Kwara 46.18%, but Akwa Ibom was pegged at 45.18%.

While Nasarawa 33.76%, Borno 34.28% and Bauchi 34.38% recorded the slowest rise in Food inflation on Year-on-Year basis.

The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, Water Yam (under Potatoes, Yam, and other Tubers class).

Others are: Dried Fish Sadine, Mudfish Dried (under Fish class), Palm Oil, Vegetable Oil (under Oil and Fat), Beef Feet, Beef Head, Liver (under Meat class), Coconut, Water Melon (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).

On a Month on-Month basis, however, March 2024 Food inflation was highest in Abia (5.17%), Cross

River (5.14%), Bayelsa (4.75%), while Borno (1.59%), Yobe (2.08%) and Adamawa (2.12%) recorded the slowest rise in Food inflation on Month-on-Month basis.

The Food inflation rate in March 2024 was 3.62% which shows a 0.17% decrease compared to the rate recorded in February 2024 (3.79%).

The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class), Yam, Irish Potatoes, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus fish, Mudfish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea and Cocoa class).

Meanwhile, the Food inflation rate in March 2024 was 40.01% on a year-on-year basis, which was 15.56% points higher compared to the rate recorded in March 2023 (24.45%).

The average annual rate of Food inflation for the twelve months ending March 2024 over the previous twelve-month average was 31.40%, which was 8.69% points increase from the average annual rate of change recorded in March 2023 (22.72%).

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 25.90% in March 2024 on a year-on-year basis; up by 6.26% when compared to the 19.63% recorded in March 2023.

The highest increases were recorded in prices of the following items Bus Journey within the city (under Passenger Transport by Road class), Actual and Imputed Rentals for Housing, Consultation Fee of a medical doctor (under Medical Services class), and pharmaceutical products, etc.

On a month-on-month basis, the Core Inflation rate was 2.54% in March 2024. It stood at 2.17% in February 2024, an increase of 0.37%. The average twelve-month annual inflation rate was 22.26% for the twelve months ending March 2024; this was 5.04% points higher than the 17.22% recorded in March 2023.

In March 2024, All Items inflation rate on a Year-on-Year basis was highest in Kogi (39.97%), Bauchi (38.34%), Kwara (38.10%), and Oyo (37.29%), while Borno (25.78%), Benue/Taraba (28.12%) and Katsina (28.32%) recorded the slowest rise in headline inflation.

On a Month-on-Month basis, however, March 2024 recorded the highest increases in Zamfara (3.90%), Abia (3.89%), Ondo (3.75%), while Borno (1.46%), Yobe (1.84%) and Adamawa (1.85%) recorded the slowest rise on Month-on-Month inflation.

Recall that barley one month of president Bola Ahmed Tinubu in office, he declared immediate State of Emergency on food insecurity to tackle the increase in food prices. As at the time the state of emergence was declared, the National Bureau of Statistics (NBS) said Nigeria’s annual inflation rate rose to 22.41 percent in May from 22.22percent.

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This rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

“In July 2022, Nigerians paid more for goods and services than they did exactly a year earlier in July 2021 by a relatively high rate of 19.64%,” Dr. Chinyere said in a note sent to TechEconomy.

She said looking at the states’ inflation rates, the three lowest rates were recorded in Borno, Jigawa, and Kaduna, while the highest rates were found in Akwa Ibom, Ebonyi, and, Kogi States.

According to Dr. Chinyere, the records may reflect the lockdown on food items in the northwest and northeast since the food items are not brought to the south due to insecurity constraining the movement of goods, a warning signal of massive food waste in some parts and scarcity in others.

“Specifically, for manufacturers, input prices have spiked. Items such as diesel which most firms depend on for powering their factories have continued to rise in price causing an unbearable cost of production which also translates to higher consumer prices.”

Nigeria’s energy crisis is worsened by the poor supply of electricity and a bumpy road to renewable energy deployment.

On the inflation rate, which surged to 19.64 percent in July 2022, up from 18.60 percent in the previous month, she said Nigeria has now had six consecutive months of increased inflation, and the rate is at an almost 17-year high.

According to her, the inflation is largely attributable to rises in food and energy prices, FOREX scarcity for imports of critical raw materials for manufacturing, and constrained production due to insecurity in some agricultural sites across the country.

On the other hand, core inflation increased to 16.26% from 15.75% because of price increases in gas, liquid fuel, solid fuel, garments, and passenger transport by road and by air. It should also be noted that the high cost of aviation fuel, Jet A1 drove the cost of air transport to the roof and became a major driver of the July inflation rate.

Immediate Solutions

She recommended the need for special interventions in the critical sector and especially focused on subsidizing production to reduce the burden of the rising cost of production.

According to her, there is s need for a good mix of both fiscal and monetary policies to tackle the core drivers of the inflation scourge in Nigeria.

There should be targeted financing for critical sectors like agriculture, food processing, aviation fuels, transport, and FOREX availability for manufacturing inputs.

It is obvious that the government’s intervention so far has not impacted the inflationary pressures that keep rising now. Without concrete and quick steps to intervene, the rising tide of the inflation rate may continue into the end of the year.

A major worry is about the inflation scourge constraining production, causing job losses, and courting an imminent recession.

The inflation rate may ease in the near term driven by constrained consumer demand, harvests maturing in quarter three, and the resumption of wheat exports from Ukraine to Africa.

However, there are fears of falling growth due to constrained production in the past months.

Interest Rate

“We urge the CBN to look beyond hiking rates to taking definite and articulated actions that address the factors driving the inflationary pressures.”

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