Headline Inflation Eases to 22.97% in May
The National Bureau of Statistics (NBS) has announced that Nigeria’s headline inflation rate dropped to 22.97% in May 2025 , down from 23.71% in April 2025 .
This marks a 0.74% point decline , offering a small but welcome sign of easing pressure on prices across the country.
On a year-on-year basis , the inflation rate was also lower at 27.55% , compared to 33.95% in May 2024 .
The drop was attributed partly to changes in the base year used for measurement, now set at November 2009 = 100 .
Food Inflation Rises Slightly Month-on-Month
On a month-on-month basis , food inflation rose to 2.19% in May , up slightly from 2.06% in April .
This increase was linked to rising prices of staple foods like:
- Yam
- Cassava tuber
- Maize
- Flour
- Sweet potatoes
However, on an annual basis , food inflation fell sharply to 21.14% in May 2025 , compared to 40.66% in May 2024 .
“The significant drop in annual food inflation is technically due to the change in the base year,” the NBS explained.
For the 12 months ending May 2025, the average food inflation rate stood at 29.80% , down from 34.06% in the same period last year.
Urban and Rural Inflation Both Decline Year-on-Year
Urban inflation fell to 23.14% in May 2025 , down from 36.34% in May 2024 .
Month-on-month, urban inflation rose slightly to 1.40% , up from 1.18% the previous month.
The 12-month average urban inflation rate was recorded at 29.30% , lower than 31.07% in May 2024.
In rural areas, inflation was recorded at 22.70% in May 2025 , down from 31.82% in May 2024.
Month-on-month rural inflation slowed significantly to 1.83% , from 3.56% in April.
The 12-month average rural inflation rate stood at 25.56% , down from 27.27% in May 2024.
What This Means for Nigerians
While the drop in inflation may signal some relief, the cost of living remains high, especially for essential goods.
The decline in annual food inflation suggests that price increases are slowing when compared to last year’s peak, but many households still feel the impact of high prices.
The shift in the base year used for calculation has helped smooth out some of the spikes seen in earlier reports, but real progress will depend on sustained policy reforms and improvements in supply chain efficiency.
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