Hussaini Kafi in Kano and Juliet Jacob
Nigeria’s headline inflation rate declined to 22.97% in May 2025, the lowest recorded in five months, according to the latest report by the National Bureau of Statistics (NBS)
The Statistician General of the Federation, Prince Adeyemi Adeniran, disclosed this on Monday in Abuja, describing the 0.74 percent decline as a “slight but welcome relief in inflationary pressure.”
On a month-on-month basis, headline inflation stood at 1.53 percent in May, down from April’s 1.86 percent.
“The main drivers were increased prices in food and non-alcoholic beverages, transport, and restaurant services,” Adeniran said.
However, food inflation climbed to 21.14 percent year-on-year, and 2.19 percent month-on-month, largely due to rising costs of yam, ogbono, cassava, maize flour, pepper, and sweet potatoes.
Core inflation, which excludes food and energy, was 22.28 percent year-on-year, but fell to 1.10 percent on a monthly basis.
Urban inflation hit 23.14 percent while rural inflation stood at 22.70 percent annually. Bayelsa, Borno, and Bauchi saw sharp monthly increases, while Kaduna, Jigawa, and Edo recorded drops.
“This report adopts the new 2024 CPI base year, with 2023 as the reference,” Adeniran noted, adding that the Consumer Price Index rose to 121.35 in May.
Also, the NBS disclosed this in its Consumer Price Index (CPI) report published on Monday, noting that the figure represents a 0.74 percentage point decrease from the 23.71% recorded in April 2025.
“The headline inflation rate for May 2025 was 22.97%, a decrease of 0.74 percentage points from the rate recorded in April 2025,” the bureau stated.
An analysis of monthly inflation trends shows a fluctuating pattern: 24.50% in January, 23.18% in February, 24.23% in March, 23.71% in April, and now 22.97% in May.
The NBS attributed the decline to easing prices in certain key sectors but cautioned that food inflation and broader cost-of-living pressures remain persistent challenges.
