The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) figures for May 2025, revealing a slight easing in headline inflation to 22.97% from 23.71% in April 2025.
The current report marks a 0.74 percentage point decline, signaling a modest slowdown in the rate at which consumer prices are rising across the country.
According to the NBA, the Consumer Price Index rose to 121.35 in May 2025, up by 1.83 points from April, based on the newly rebased index with 2024 as the base year and 2023 as the weight reference period.
It said Year-on-year inflation slowed to 22.97%, down from 23.71% in April. Month-on-month inflation also eased to 1.53%, a 0.33 percentage point drop from April’s 1.86%.
Besides, food prices continue to drive inflation, with a year-on-year food inflation rate of 21.14%. On a monthly basis, food inflation rose slightly to 2.19%, up from 2.06% in April, largely due to price increases in staples such as yam, cassava, maize flour, fresh pepper, and sweet potatoes.
In addition, excluding volatile agricultural produce and energy prices, core inflation stood at 22.28% year-on-year. Monthly core inflation declined to 1.10% from 1.34% in April.
The major contributors to headline inflation were: Food and Non-Alcoholic Beverages: 9.20%, Restaurants & Accommodation Services: 2.97%, and Transport: 2.45%, while the least contributors included: Recreation, Sport, and Culture: 0.07%, Alcoholic Beverages, Tobacco, and Narcotics: 0.09%, and Insurance and Financial Services: 0.11%.
“Urban Inflation: 23.14% year-on-year, with a monthly increase of 1.40%, slightly higher than April’s 1.18%. Rural Inflation: 22.70% year-on-year, with monthly inflation slowing significantly to 1.83% from 3.56% in April”
Also Borno (38.93%), Niger (34.97%), and Plateau (32.35%) while lowest Year-on-Year Inflation: Katsina (16.25%), Adamawa (18.20%), and Delta (18.41%).
“Highest Month-on-Month Inflation: Bayelsa (9.11%), Bauchi (4.85%), and Borno (4.42%), Declines in Month-on-Month Inflation: Kaduna (-6.75%), Jigawa (-4.40%), and Edo (-2.94%).
“Highest Year-on-Year Food Inflation: Borno (64.36%), Bayelsa (39.85%), Taraba (38.58%) while lowest Year-on-Year Food Inflation: Katsina (6.90%), Rivers (9.18%), Kwara (11.31%).
” Inflation: Bayelsa (12.68%), Cross River (11.15%), Anambra (9.10%), Declines in Month-on-Month Food Inflation: Katsina (-5.42%), Jigawa (-4.02%), Kaduna (-3.27%)
The report added that the newly Introduced Sub-Indices including Farm Produce Inflation: 22.38%, Goods Inflation: 9.39%, Services Inflation: 1.79%, Energy Inflation: -0.43%.
“The slight moderation in headline inflation for May 2025 offers a hopeful sign for consumers and policymakers amid ongoing economic challenges. However, persistent high food inflation remains a concern, underscoring the need for targeted interventions to stabilize food prices.
“The National Bureau of Statistics is pleased to announce the release of the latest Consumer Price Index (CPI) figures for May 2025. Following the completion of the recent rebasing exercise, this report is centred on a new CPI base year of 2024 and a weight reference period of 2023. Hence, the Consumer Price Index (CPI) rose to 121.35 in May 2025, and reflects a 1.83-point increase from the preceding month.
“The headline inflation rate for May 2025 decreased to 22.97% compared to the April 2025 rate of 23.71%. This represents a decline of 0.74% from April 2025.
“At the divisional level, the three major contributors to the headline inflation were Food and non-alcoholic Beverages: 9.20%, Restaurants & Accommodation Services: 2.97%, and Transport: 2.45%; while the least contributors were Recreation, Sport, and Culture: 0.07%, Alcoholic Beverages, Tobacco, and Narcotics: 0.09%, and Insurance and Financial Services: 0.11.
“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%).
“The food inflation rate in May 2025 was 21.14% on a year-on-year basis. On a month-on-month basis, the food inflation rate in May 2025 was 2.19%, which rose by 0.13% compared to April 2025 (2.06%). The increase can be attributed to the rate of increase in average prices of items such as Yam, Avenger (Ogbono/Apon), Cassava Tuber, Maize Flour, Fresh Pepper, Sweet Potatoes, etc.
“Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.28% in May 2025 on a year-on-year basis. On a month-on-month basis, the core inflation rate was 1.10% in May 2025, down 0.24 percentage points from April 2025 (1.34%).
“The inflation rate of the newly introduced sub-indices for May 2025 shows that both Farm Produce and Goods stood at 22.38% and 9.39% compared to April 2025, which were 0.95% and 1.89% respectively. Conversely, Services and Energy stood at 1.79% and -0.43% compared to 2.20% and 13.6% recorded in the previous month, respectively.
“On a year-on-year basis, the urban inflation rate in May 2025 was 23.14%. On a month-on-month basis, the urban inflation rate was 1.40% in May 2025, up by 0.22% compared to April 2025 (1.18%).
“The rural inflation rate in May 2025 was 22.70% on a year-on-year basis. On a month-on-month basis, the rural inflation rate in May 2025 was 1.83%, down by 1.72% compared to April 2025 (3.56%)
“Please note that the State CPI for April 2025 for some states has been revised due to updated information. This change affected all states except for Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, and the FCT. The revision, however, does not affect the National CPI for April 2025.
“The all-item index for May 2025, on a year-on-year basis, was highest in Borno (38.93%), Niger (34.97%), and Plateau (32.35%), while it recorded the lowest in headline inflation on a year-on-year basis in Katsina (16.25%), Adamawa (18.20%), Delta (18.41%). On a month-on-month basis, May 2025 recorded the highest increases in Bayelsa (9.11%), Bauchi (4.85%), and Borno (4.42%), while it recorded declines in Kaduna (-6.75%), Jigawa (-4.40%), and Edo (-2.94%).
“State-level analyses of the food index in May 2025 show that food inflation on a year-on-year basis was highest in Borno (64.36%), Bayelsa (39.85%), Taraba (38.58%); while it recorded the slowest rise in Katsina (6.90%), Rivers (9.18%), and Kwara (11.31%). On a month-on-month basis, in May 2025 food inflation was highest in Bayelsa (12.68%), Cross River (11.15%), and Anambra (9.10%); while states like Katsina (-5.42%), Jigawa (-4.02%) and Kaduna (-3.27%) recorded declines in food inflation on a month-on-month basis”
