By Olatunbosun Obafemi
Nigeria’s inflation rate eased slightly to 22.97 per cent in May 2025, down from 23.71 per cent in April, according to the National Bureau of Statistics (NBS).
The agency said this marks a 0.74 percentage point decline, reflecting a modest slowdown in the rate of price increases. Compared to the same period last year, headline inflation dropped significantly by nearly 11 percentage points from 33.95 per cent in May 2024.
The NBS attributed part of the decline to a statistical adjustment, following a rebasing of the Consumer Price Index (CPI), now pegged to November 2009.
On a month-to-month basis, the inflation rate also declined slightly to 1.53 per cent in May from 1.86 per cent in April. The bureau said this indicates that prices are still rising, but at a slower pace.
Food inflation, a major concern for most Nigerians, dropped to 21.14 per cent year-on-year in May, compared to 40.66 per cent in May 2024. However, on a monthly basis, food prices rose by 2.19 per cent in May, up from 2.06 per cent in April. The rise was driven by increases in the prices of staples like yam, cassava, maize flour, fresh pepper, and sweet potatoes.
Regional disparities in food inflation remain stark. Borno, Bayelsa, and Taraba recorded the highest year-on-year increases, while Katsina, Rivers, and Kwara posted the lowest. On a monthly basis, food inflation rose sharply in Bayelsa, Cross River, and Anambra, but declined in Katsina, Jigawa, and Kaduna.
The NBS also reported that major contributors to headline inflation include food, transport, housing, and education. While the inflation rate is easing, analysts note that economic pressures remain high, especially for households struggling with the rising cost of living despite government interventions to address food insecurity.
