The National Bureau of Statistics (NBS) has announced a decline in Nigeria’s inflation rate to 22.97 percent in May 2025, down from 23.71 percent recorded in April 2025. This was disclosed on Monday in Abuja by the Statistician General of the Federation, Prince Adeyemi Adeniran, who said the drop represents a 0.74 percent reduction, indicating a slight relief in inflationary pressure.
On a month-on-month basis, the headline inflation rate stood at 1.53 percent in May, which is 0.33 percent lower than the 1.86 percent recorded in April. Prince Adeniran explained that the major contributors to the overall inflation rate during the month were the rising prices in food and non-alcoholic beverages, restaurants and accommodation services, and transport. Meanwhile, sectors such as recreation and culture, alcoholic beverages and tobacco, and insurance and financial services contributed the least.
The food inflation rate in May rose to 21.14 percent on a year-on-year basis. Month-on-month, it climbed to 2.19 percent, slightly higher than April’s 2.06 percent. This increase was largely driven by the rise in the average prices of essential items like yam, ogbono (avenger), cassava tuber, maize flour, fresh pepper, and sweet potatoes.
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In terms of core inflation, which excludes volatile agricultural produce and energy, the rate stood at 22.28 percent year-on-year in May. On a month-on-month basis, core inflation declined to 1.10 percent, compared to 1.34 percent in April. The inflation rates for specific sub-indices showed that farm produce and goods were at 22.38 percent and 9.39 percent respectively in May, while services and energy recorded 1.79 percent and a notable -0.43 percent, reflecting a decrease from 2.20 percent and 13.6 percent respectively in the previous month.
Urban inflation stood at 23.14 percent year-on-year, with a month-on-month rate of 1.40 percent in May, slightly higher than April’s 1.18 percent. Rural inflation was recorded at 22.70 percent on a year-on-year basis. However, the rural month-on-month inflation rate dropped to 1.83 percent from the high of 3.56 percent recorded in April.
The Bureau also noted that revisions were made to the April 2025 state CPI figures due to updated information, affecting all states except Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, and the FCT. Importantly, the revision did not impact the national CPI for that month.
During the review period, Borno, Niger, and Plateau states recorded the highest year-on-year all-items inflation rates, while Katsina, Adamawa, and Delta had the lowest. On a month-on-month basis, inflation rose sharply in Bayelsa, Bauchi, and Borno, but declined in Kaduna, Jigawa, and Edo.
For food inflation, Borno, Bayelsa, and Taraba experienced the highest annual increases, while Katsina, Rivers, and Kwara recorded the slowest growth. Monthly food inflation also surged in Bayelsa, Cross River, and Anambra, but fell in Katsina, Jigawa, and Kaduna.
Prince Adeniran concluded by highlighting that the May 2025 report is based on a new CPI base year of 2024, with 2023 serving as the weight reference period. He added that the Consumer Price Index rose to 121.35 in May, reflecting a 1.83-point increase compared to the previous month.
