- Safiu Kehinde
The National Bureau of Statistics (NBS) has on Monday recorded a drop in Nigeria’s headline inflation rate to 22.97 percent.
As contained in the May 2025 Consumer Price Index report, NBS noted that headline inflation rate decreased 0.74 per cent compared to the April headline inflation rate which stood at 23.71 percent.
The inflation rate also declined to 1.53 percent in May from 1.86 percent in April, on a month-on-month basis.
This, according to report, indicated a slower pace in the rise of prices across the economy.
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).
It stated that the easing in inflation was driven by a slowdown in price increases across key segments, including farm produce, utilities, clothing, and health.
Also, recorded was a significant decline in food inflation which stood at 21.14 percent in May as against 21.16 percent in April.
The statistics office attributed this sharp decline largely to base-year effects following the inflation rebasing methodology.
On a month-on-month basis, however, food inflation increased marginally to 2.19 percent in May from 2.06 percent in April.