Nigeria’s headline inflation rate dropped to 22.97% in May 2025, according to the latest report by the National Bureau of Statistics (NBS) released on Monday.
The new figure represents a 0.74 percentage point decline from the 23.71% recorded in April 2025.
On a month-on-month basis, the headline inflation rate also slowed, falling to 1.53% in May from 1.86% in April. This suggests a moderation in the general rise in prices across the economy.
Compared to the same period last year, the year-on-year inflation rate dropped sharply by 10.98 percentage points from 33.95% in May 2024.
NBS attributed the easing in inflation to slower price increases in major sectors such as food, utilities, clothing, and healthcare.
Food inflation saw a slight decline, easing to 21.14% in May from 21.16% in April. However, on a month-on-month basis, food inflation inched up to 2.19% in May from 2.06% the previous month.
The statistics agency noted that the year-on-year drop in food inflation was partly influenced by base-year effects following adjustments in inflation rebasing methodology.
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