Nigeria’s inflation rate dropped to 22.97 per cent in May 2025, the National Bureau of Statistics has said. The figure represents a decline of 0.74 percentage points when compared to the 23.71 per cent recorded in April 2025.
On a year-on-year basis, headline inflation fell by 10.98 percentage points from 33.95 per cent recorded in May 2024. This was disclosed in the Consumer Price Index report for May 2025, released by the National Bureau of Statistics yesterday.
The report read: “In May 2025, the Headline inflation rate eased to 22.97 per cent relative to the April 2025 headline inflation rate of 23.71 per cent. “Looking at the movement, the May 2025 Headline inflation rate decreased 0.74 per cent compared to the April 2025 Headline “But is Africa getting the benefit?”
He pointed out that “Africa needs to capture the moment – ensure we have digital sovereignty – that African priorities are understood and met. “Last night, I joined global tech leaders at an exclusive dinner at the Élysée Palace in Paris, with President Macron.
I wanted to ensure there was an African voice at the table. “I had enriching conversations global tech CEOs, including Jensen Huang, CEO of NVIDIA, about how innovation can and must be used to solve humanity’s most pressing challenges, including those facing Africa.” inflation rate.”
It shows that the decline in the inflation rate was largely driven by a slowdown in the rate of increase in the average prices of goods and services.
According to the report, on a month-on-month basis, the headline inflation rate stood at 1.53 per cent in May 2025, lower than the 1.86 per cent recorded in April. This indicates that while prices continued to rise, they did so at a slower pace compared to the previous month. Food inflation remained a major driver of overall inflation.
The food inflation rate stood at 21.14 per cent year-on-year in May, a sharp drop from 40.66 per cent recorded in the same month last year. The NBS attributed the sharp annual drop to the change in the base year, following the CPI rebasing
