The onions are still crying

Nigeria's inflation fell for an eighth month, dipping below the president's 15% target to a five-year low of 14.45% in November.

Nigeria’s headline inflation eased to 14.45% in November 2025, the National Bureau of Statistics (NBS) said on Monday, marking the eighth consecutive monthly decline this year and falling below President Bola Tinubu’s 15% target. The figure was down from 16.05% in October and represents the lowest inflation rate in five years, comparable to levels last seen during the COVID-19 period in 2020. On a year-on-year basis, inflation was 20.15 percentage points lower than the 34.60% recorded in November 2024. Food inflation also slowed sharply to 11.08% year-on-year, compared with 39.93% a year earlier, mainly due to a change in the base year, the NBS said. However, month-on-month food inflation rose to 1.13%, driven by higher prices of staples such as tomatoes, cassava, eggs and onions. The Central Bank of Nigeria kept its policy rate unchanged at 27% last month.