Nigeria’s headline inflation rate eased to 22.97% in May, down from 23.71% in April, the National Bureau of Statistics (NBS) reports. That marks a drop of nearly 11 points compared to May 2024, when inflation was 33.95%—though annual comparisons use different base years (2024 vs. 2009).
On a month-to-month basis, inflation grew by 1.53% in May, slightly slower than April’s 1.86%, showing a cooling trend in price increases.
Food inflation rose moderately in May to 2.19%, compared to 2.06% in April. The year-on-year food inflation figure looks significantly lower (21.14% vs. 40.66% last May), again due to the new base year.
Overall, though prices are still rising fast, the pace is easing—offering a small win for policymakers and a bit of relief for Nigerians.
