Nigeria’s inflation rate declined to 22.97% in May 2025, down from 23.71% in April 2025, according to the National Bureau of Statistics.
The year-on-year decrease was driven by a slowdown in price increases across key segments, including farm produce, utilities, clothing and health. Month-on-month inflation also dropped to 1.53% in May from 1.86% in April.
Food inflation stood at 21.14% year-on-year in May, with notable price increases in yam, cassava, maize flour, sweet potatoes and fresh pepper.
Core inflation, excluding volatile agricultural produce and energy, was 22.28% year-on-year and 1.10% month-on-month.
Key Highlights:
- Year-on-Year Inflation Rates:
- Urban inflation: 23.14%
- Rural inflation: 22.70%
- Month-on-Month Inflation Rates:
- Urban inflation: 1.40% (up 0.22% from April)
- Rural inflation: 1.83% (down 1.72% from April)
- State-Level Inflation:
- Highest year-on-year inflation: Borno (38.93%), Niger (34.97%), Plateau (32.35%)
- Lowest year-on-year inflation: Katsina (16.25%), Adamawa (18.20%), Delta (18.41%)
- Food Inflation:
- Highest year-on-year food inflation: Borno (64.36%), Bayelsa (39.85%), Taraba (38.58%)
- Lowest year-on-year food inflation: Katsina (6.90%), Rivers (9.18%), Kwara (11.31%).
