Nigeria’s headline inflation rate has dropped to 22.97% in May 2025, according to the National Bureau of Statistics (NBS). This marks a 0.74% decline from April’s figure of 23.71%.
Month-on-month, inflation slowed to 1.53% in May, down from 1.86% in April, indicating a softer rise in consumer prices. Year-on-year, the drop is even sharper—10.98% lower than the 33.95% rate recorded in May 2024.
Slower price increases in food, utilities, clothing, and health drove the decline. Food inflation also dipped slightly to 21.14% from 21.16% in April, despite a slight monthly uptick to 2.19%.
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