Nigeria’s Inflation Rate Drops to 22.97% in May – NBS Reports
In a rare sign of economic relief, Nigeria’s headline inflation rate fell to 22.97% in May 2025, marking a significant drop from 23.71% recorded in April, according to the National Bureau of Statistics (NBS).
The NBS disclosed the update in its Consumer Price Index (CPI) report released on Monday, sparking cautious optimism among economists and policymakers. The CPI measures the average change over time in the prices of goods and services consumed by households — a key indicator of inflation.
This latest figure suggests a slowing in the pace of rising prices, offering a glimmer of hope for consumers struggling with high living costs. While inflation remains elevated, the downward trend could signal the early effects of recent fiscal and monetary interventions.
