Nigeria’s Inflation Rate Drops to 22.97% in May 2025 – NBS

Nigeria’s inflation rate fell to 22.97% in May 2025, down from 23.71% in April, according to new data from the National Bureau of Statistics (NBS).

This slight decrease offers a bit of relief amid ongoing economic challenges. The NBS report shows that the year-on-year inflation rate for May 2025 was 10.98 percentage points lower than the 33.95% recorded in May 2024.

On a month-on-month basis, inflation increased by 1.53% in May, a slower rise compared to 1.86% in April. This indicates that while prices continue to go up, they are rising at a more moderate pace.

What’s Driving Inflation?

According to NBS, the key drivers of headline inflation remain food prices, accommodation, and transportation services.

Food Inflation Still High Despite Overall Drop

Food inflation remained a major concern, rising to 21.14% year-on-year in May. On a monthly basis, however, food prices climbed by 2.19%, a slight uptick from the 2.06% recorded in April.

The bureau attributed this to slower decreases in the prices of staple items like yam, ogbono (avenger), cassava tuber, maize flour, fresh pepper, and sweet potatoes.

The average annual food inflation rate for the 12 months ending in May was 29.80%, down from 34.06% in the previous year.

Which States Were Hit the Hardest?

Year-on-year food inflation was highest in:

• Borno (64.36%)
  
• Bayelsa (39.85%)
  
• Taraba (38.58%)

States with the slowest rise in food prices included:

• Katsina (6.90%)
  
• Rivers (9.18%)
  
• Kwara (11.31%)

Month-on-month, the sharpest food price increases were recorded in:

• Bayelsa (12.68%)
  
• Cross River (11.15%)
  
• Anambra (9.10%)

Conversely, food prices dropped the most in:

• Katsina (-5.42%)
  
• Jigawa (-4.02%)
  
• Kaduna (-3.27%)