June 16, (THEWILL) – Nigeria’s headline inflation rate declined in May 2025, dropping to 22.97% from 23.71% recorded in April, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The Statistician-General of the Federation, Prince Adeyemi Adeniran, in a statement issued Monday in Abuja, said the 0.74% decrease in inflation signals a marginal improvement in the economy.
“The headline inflation rate for May 2025 decreased to 22.97 per cent compared to 23.71 per cent in April 2025, representing a decline of 0.74 percentage points,” Adeniran said.
On a month-on-month basis, inflation stood at 1.53% in May, down from 1.86% in April—indicating a slowdown in the rise of prices between the two months.
Adeniran highlighted that the three major contributors to the headline inflation rate were food and non-alcoholic beverages (9.20%), restaurants and accommodation services (2.97%), and transport (2.45%).
The least contributors were recreation, sport and culture (0.07%), alcoholic beverages, tobacco and narcotics (0.09%), and insurance and financial services (0.11%).
Year-on-year, food inflation stood at 21.14% in May. However, on a month-on-month basis, it rose to 2.19%, slightly higher than April’s 2.06%.
Adeniran attributed the rise in food inflation to price increases in staple items such as yam, ogbono (avenger), cassava tubers, maize flour, fresh pepper and sweet potatoes.
Core inflation—which excludes volatile agricultural and energy prices—stood at 22.28% year-on-year and dropped to 1.10% month-on-month, from 1.34% in April.
The newly introduced sub-indices showed the following inflation rates for May: farm produce (22.38%), goods (9.39%), services (1.79%) and energy (-0.43%). These compare with April’s figures of 0.95%, 1.89%, 2.20% and 13.6%, respectively.
In urban areas, inflation stood at 23.14% year-on-year and 1.40% month-on-month in May—an increase from 1.18% in April. Rural inflation was 22.70% year-on-year.
However, on a month-on-month basis, it dropped sharply to 1.83% from 3.56% in April.
Year-on-year, the highest all-items inflation was recorded in Borno (38.93%), Niger (34.97%) and Plateau (32.35%), while the lowest were seen in Katsina (16.25%), Adamawa (18.20%) and Delta (18.41%).
On a month-on-month basis, inflation saw the highest increases in Bayelsa (9.11%), Bauchi (4.85%) and Borno (4.42%), while declines were recorded in Kaduna (-6.75%), Jigawa (-4.40%) and Edo (-2.94%).
State-level analysis of food inflation showed year-on-year rates were highest in Borno (64.36%), Bayelsa (39.85%) and Taraba (38.58%), while the slowest rises were recorded in Katsina (6.90%), Rivers (9.18%) and Kwara (11.31%).
On a month-on-month basis, food inflation was highest in Bayelsa (12.68%), Cross River (11.15%) and Anambra (9.10%), while states like Katsina (-5.42%), Jigawa (-4.02%) and Kaduna (-3.27%) recorded declines.
Adeniran added that the May 2025 CPI was based on the recently completed rebasing exercise, which adopted 2024 as the new base year and 2023 as the weight reference period.
The CPI index rose to 121.35 in May—up by 1.83 points from the previous month.
The NBS assured that the updated framework enhances the accuracy and relevance of inflation measurements in the country.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
