NIGERIA’S INFLATION DROPS TO 22.97%

National Bureau of Statistics, NBS, has announced that Nigeria’s headline inflation rate dropped to 22.97 percent.

 NBS said the May 2025 headline inflation rate decreased by 0.74 per cent compared to the April headline inflation rate, while on a month-on-month basis, inflation declined significantly to 1.53 percent in May from 1.86 percent in April. 

On a year-on-year basis, the NBS said the headline inflation rate was 10.98 per cent lower than the rate recorded in May 2024 (33.95 per cent), adding that the decline  was driven by a slowdown in price increases across key segments, including farm produce, utilities, clothing, and health.

Also, food inflation declined to 21.14 percent in May from 21.16 percent in April, which has been attributed to base-year effects following the inflation rebasing methodology.