Inflation slides to 22.97% – Daily Trust

Nigeria’s Headline inflation rate eased to 22.97% relative to the April 2025 headline inflation rate of 23.71%, according to data from the National Bureau of Statistics (NBS).

The May 2025 Headline inflation rate decreased to 0.74%, compared to the April 2025 Headline inflation rate.

When compared to May 2024, the Headline inflation rate dropped was 10.98% lower from 33.95%.

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The report however, said the reduction when compared to May 2024 use of a different base year.

Daily reports that the current base year used in calculating the Consumer Price Index is 2024 as against the base year if 2009 used in computing the inflation data for 2024.

The report went on to state that 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%).

“This means that in May 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in April 2025. The percentage change in the average CPI for the twelve months ending May 2025 over the average for the previous twelve-month period was 27.55%, showing a 1.51% decrease compared to 29.06% recorded in May 2024.

For Food inflation, it said the rate in May 2025 was 2.19%, up by 0.12% compared to April 2025 (2.06%).

“The increase can be attributed to the rate of decrease in the average prices of Yam, Avenger (Ogbono/Apon), Cassava Tuber, Maize Flour, Fresh Pepper, Sweet Potatoes, etc.”

But when compared with previous year, the figure was 21.14%, 19.52% points lower compared to the rate recorded in May 2024 (40.66%).

“The significant decline in the annual food inflation figure is technically due to the change in the base year.”

“The average annual rate of Food inflation for the twelve months ending May 2025 over the previous twelve-month average was 29.80%, which was 4.26% points lower compared with the average annual rate of change recorded in May 2024 (34.06%).