Nigeria’s inflation eases to 22.97% in May on steady food, utility costs

Nigeria’s headline inflation rate slowed for the second consecutive month to 22.97 percent in May 2025 from 23.71 percent in April according to the National Bureau of Statistics (NBS).

On a month-on-month basis, inflation declined significantly to 1.53 percent in May from 1.86 percent in April, indicating a slower pace in the rise of prices across the economy.

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

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Food inflation declined to 21.14 percent in May from 21.16 percent in April. According to the NBS, this sharp decline is largely attributed to base-year effects following the inflation rebasing methodology.

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