JUST IN: Nigeria’s Inflation Drops to 22.97%

The National Bureau of Statistics (NBS) on Monday, announced that Nigeria’s headline inflation rate has dropped to 22.97%.

NBS said the May 2025 headline inflation rate decreased 0.74% compared to the April headline inflation rate.

According to the statistics office, inflation declined significantly to 1.53% in May from 1.86 percent in April, on a month-on-month basis.

This indicated a slower pace in the rise of prices across the economy.

On a year-on-year basis, the NBS said the headline inflation rate was 10.98% lower than the rate recorded in May 2024 (33.95%).

It stated that the easing in inflation was driven by a slowdown in price increases across key segments, including farm produce, utilities, clothing, and health.

Also, NBS announced that food inflation declined to 21.14% in May from 21.16 percent in April.

The statistics office attributed this sharp decline largely to base-year effects following the inflation rebasing methodology.

On a month-on-month basis, however, food inflation increased marginally to 2.19% in May from 2.06 percent in April.