Nigeria’s Inflation Rate Falls to 22.97%

Nigeria’s Consumer Price Index (CPI) reached 121.35 in May 2025, showing a 1.83-point climb compared to the previous month.

This was made known in a report released on Monday by the National Bureau of Statistics (NBS), which shows that in May 2025, the Headline inflation rate eased to 22.97% relative to the April 2025 headline inflation rate of 23.71%.

Looking at the movement, the May 2025 Headline inflation rate decreased 0.74% compared to the April 2025 Headline inflation rate.

On a year-on-year basis, the Headline inflation rate was 10.98% lower than the rate recorded in 

May 2024 (33.95%). This shows that the Headline inflation rate (year-on-year basis) decreased in May 2025 compared to the same month in the preceding year (i.e., May 2024), though with a different base year, November 2009 = 100.

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Furthermore, 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.