Nigeria’s headline inflation rate eased further to 22.97% in May 2025, according to the National Bureau of Statistics (NBS).
The report, released Monday, shows a decline from April's 23.71%, marking a 0.74% reduction.
On a month-to-month basis, May's headline inflation was 1.53%, down from April's 1.86%. The report attributes the inflation changes to price decreases in key sectors such as food and non-alcoholic beverages (9.20%), restaurants and accommodation services (2.97%), and transport (2.45%).
Food inflation stood at 21.14% year-on-year, with a month-to-month rise to 2.19% in May, driven by price adjustments in staple items like yam, cassava, and sweet potatoes.
Core inflation, excluding volatile agricultural produce and energy, was 22.28% year-on-year, with a monthly rate of 1.10%, reflecting a decrease from April's 1.34%.
State-by-state analysis revealed the highest year-on-year inflation rates in Borno (38.93%), Niger (34.97%), and Plateau (32.35%), while the slowest were in Katsina (16.25%), Adamawa (18.20%), and Delta (18.41%).
The NBS also highlighted the impact of its recent CPI rebasing, which updated the base year to 2024 to better reflect Nigeria’s current economic structure. This included incorporating new sectors and refining data collection methods to provide more accurate economic indicators.
