Nigeria’s headline inflation rate has dropped to 22.97 percent in May 2025, according to a report released by the National Bureau of Statistics (NBS) on Monday
The report shows that inflation slowed by 0.74 percent compared to April’s figure of 23.71 percent. On a month-on-month basis, the inflation rate also fell to 1.53 percent in May, down from 1.86 percent recorded in April — indicating a slower pace of price increases across the economy.
Year-on-year, the headline inflation rate declined by 10.98 percent compared to the 33.95 percent recorded in May 2024.
The NBS attributed the easing of inflation to reduced price pressures in major sectors such as food, utilities, clothing, and healthcare.
Food inflation also showed a slight improvement, dropping to 21.14 percent in May from 21.16 percent in April. The decline was largely attributed to base-year effects under the new inflation rebasing methodology.
However, on a month-on-month basis, food inflation edged up slightly to 2.19 percent in May from 2.06 percent in the previous month.
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