Nigeria’s inflation rate drops to 22.97%

The National Bureau of Statistics (NBS) has announced that Nigeria’s headline inflation rate dropped to 22.97 per cent in May 2025.

The NBS announced this via its Consumer Price Index (CPI) on Monday, June 16.

Nigeria’s inflation rate dropped from 23.71 per cent in April 2025.

The bureau stated that on a year-on-year basis, the headline inflation rate was 10.98% lower than the rate recorded in May 2024 (33.95%).

“Furthermore, on a month-on-month basis, the Headline inflation rate in May 2025 was 1.53%, which was 0.33% lower than the rate recorded in April 2025 (1.86%),” the NBS added.

The NBS said the food inflation rate in May  2025 was 21.14 per cent on a year-on-year basis.

It stated that on a month-on-month basis,  the food inflation rate in May was 2.19 per cent, which increased by 0.13 per cent compared to the 2.06  per cent recorded in April 2025.

The NBS said the increase in food inflation was attributed to the reduction in average prices of items such as Yam, Avenger (Ogbono/Apon), Cassava Tuber, Maize Flour, Fresh Pepper, and Sweet Potatoes, among others.

The NBS said all items less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.28  per cent in May on a year-on-year basis.

The bureau stated that on a year-on-year basis in May 2025, the urban inflation rate was 23.14 per cent.

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“On a month-on-month basis, the urban inflation rate was 1.40 in May 2025, which increased by 0.22  per cent compared to April at 1.18 per cent,” it added.

The NBS said in May, the rural inflation rate was 22.70 per cent on a year-on-year basis.

The NBS noted that on a month-on-month basis, the rural inflation rate was 1.83 per cent in May, which decreased by 1.72 per cent compared to April at 3.56 per cent.

On states’ profile analysis, the NBS disclosed that in May, all items index inflation rate on a year-on-year basis was highest in Borno State at 38.93 per cent, followed by Niger State at 34.97 per cent, and Plateau State at 32.35 per cent.

It said the slowest rise in headline inflation on a year-on-year basis was recorded in Katsina State at 16.25 per cent, followed by Adamawa State at 18.20 per cent, and Delta State at 18.41 per cent.

The NBS, however, said in May 2025, inflation rate on a month-on-month basis was highest in Bayelsa State 9.11 per cent, followed by Bauchi State at 4.85  per cent, and Borno State at 4.42 per cent.

“Kaduna at -6.75  per cent, followed by Jigawa at -4.40 per cent, and Edo at -2.94  per cent recorded the slowest rise in month-on-month inflation,” the bureau said.

The NBS said on a year-on-year basis, food inflation was highest in Borno State at 64.34  per cent, followed by Bayelsa State at 39.85  per cent, and Taraba State at 38.58 per cent.

“Katsina at 6.90 per cent, followed by Rivers at 9.18  per cent and Kwara at 11.31 per cent recorded the slowest rise in food inflation on a year-on-year basis,” it said.

The NBS added that on a month-on-month basis, food inflation was highest in Bayelsa at 12.68  per cent, followed by Cross River at 11.15  per cent, and Anambra at 9.10 per cent.

“Katsina at -5.42 per cent, followed by  Jigawa at -4.02 per cent, and Kaduna -3.27per cent, recorded the slowest rise in inflation on a month-on-month basis,” the NBS disclosed.

The Star