Nigeria’s inflation rate slowed to 22.97% in May 2025, according to the National Bureau of Statistics (NBS), marking a modest relief in the country’s economic pressure, though food prices continue to climb.
The Consumer Price Index (CPI) report released Monday, June 16, by the NBS showed a 0.74 percentage point decline from April’s 23.71%.
Compared to the same period last year, headline inflation fell sharply by 10.98 points from 33.95%.
“In May 2025, the Headline inflation rate eased to 22.97 percent relative to the April 2025 headline inflation rate of 23.71 percent,” the NBS said in its Consumer Price Index report.
“Looking at the movement, the May 2025 Headline inflation rate decreased 0.74 percent compared to the April 2025 Headline inflation rate.”
On a monthly basis, prices rose by 1.53 percent in May, down from 1.86 percent in April. Yet, the cost of food continues to rise faster than most household incomes.
Food inflation stood at 21.14 percent year-on-year in May. While that appears lower than the 40.66 percent recorded in May 2024, the NBS explained that the difference is due to recent adjustments in how inflation is measured.
In reality, food prices climbed 2.19 percent month-on-month in May, compared to 2.06 percent in April.
The items driving this increase include yam, cassava flour, maize flour, sweet potatoes, fresh pepper, and ogbono.
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In urban areas, inflation rose slightly to 1.40 percent in May, up from 1.18 percent in April. Rural areas saw some relief, with the rate dropping to 1.83 percent, from 3.56 percent in the previous month.
Core inflation, which excludes food and energy, fell to 22.28 percent year-on-year in May, compared to 27.04 percent in April. On a monthly basis, it slowed to 1.10 percent from 1.34 percent.
The NBS identified food and non-alcoholic beverages as the main drivers of inflation, contributing 9.20 percentage points.
Other significant factors included restaurant and accommodation services, transport, housing and utilities, and education.
Looking at state-by-state breakdowns, Bayelsa recorded the highest monthly inflation at 9.11 percent, followed by Bauchi and Borno.
On the lower end, Kaduna saw a rare deflation of -6.75 percent, followed by Jigawa and Edo.
Food inflation was highest in Borno at 64.36 percent year-on-year, with Bayelsa and Taraba close behind. Katsina, Rivers, and Kwara reported the lowest year-on-year food inflation rates.
Month-on-month food inflation also surged in Bayelsa, Cross River, and Anambra. Conversely, prices actually fell in Katsina, Jigawa, and Kaduna.
Despite the drop in overall inflation, most Nigerians continue to grapple with rising costs of living. The price of food, in particular, remains a source of daily stress for millions across the country.