Nigeria’s YoY Headline Inflation Rate Declines to 22.97% in May

In May 2025, the Headline inflation rate eased to 22.97% relative to the April 2025 headline inflation rate of 23.71%. This represented a 0.74% decrease. The Consumer Price Index (CPI) also rose to 121.35% in May 2025. This reflects a 1.83-point increase from the preceding month.

On a year-on-year basis, the Headline inflation rate was 10.98% lower than the rate recorded in May 2024 (33.95%). On a month-on-month basis, the Headline inflation rate in May 2025 was 1.53%. This was 0.33% lower than the rate recorded in April 2025 (1.86%).

Food and Non- Alcoholic beverages (9.20%), Restaurants and Accommodation Services (2.97%), and Transport (2.45%) were the key contributors to this year-on-year inflation.

Urban and Rural Inflation Rate

In May 2025, the Urban inflation rate was 23.14%. This was 13.20% points lower compared to the 36.34% recorded in May 2024 on a year-on-year basis. On a month-on-month basis, the Urban inflation rate was 1.40% in May 2025. It was up by 0.22% compared to April 2025 (1.18%).

Rural inflation rate was 22.70% on a year-on-year basis. This was 9.12% points lower compared to the 31.82% recorded in May 2024. On a month-on-month basis, the Rural rate in May was 1.83%. This was down by 1.72% compared to April (3.56%).

Food Inflation

Food inflation rate in May 2025 was 21.14% on a year-on-year basis and 2.19% on a month-on-month basis. The average annual rate of Food inflation for the twelve months ending May 2025 over the previous twelve-month average was put at 29.80%.

Food inflation was highest in Borno (64.36%), Bayelsa (39.85%), and Taraba (38.58%), while Katsina (6.90%), Rivers (9.18%), and Kwara (11.31%)  witnessed the lowest on a year-on-year basis.

On a month-on-month basis, food inflation was highest in Bayelsa (12.68%), Cross River (11.15%), and Anambra (9.10%), while Katsina (-5.42%), Jigawa (-4.02%), and Kaduna (-3.27%) witnessed a decline.

All Items Inflation

For all items Year on Year inflation, Borno (38.93%) led the way followed by Niger (34.97%), and Plateau (32.35%). Katsina (16.25%), Adamawa (18.20%), and Delta (18.41%) were the least affected.

On a month-on-month basis, Bayelsa (9.11%), Bauchi (4.85%), and Borno (4.42%) witnessed the highest all-items inflation, with Kaduna (-6.75%), Jigawa (-4.40%), and Edo (-2.94%) being the least affected.

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