Rita Odafe
The inflation rate in Nigeria has reportedly fallen to 22.97 percent.
This information comes from a report released by the National Bureau of Statistics (NBS) on Monday.
The NBS indicated that the headline inflation rate for May 2025 decreased by 0.74 percent compared to the rate from April.
On a month-to-month comparison, inflation dropped to 1.53 percent in May from 1.86 percent in April.
This points to a slower growth rate for prices throughout the economy.
Year-on-year, the NBS reported that the headline inflation rate was 10.98 percent lower than what was observed in May 2024, which was 33.95 percent.
The report attributed the reduction in inflation to a slowdown in price hikes in crucial sectors such as agricultural products, utilities, clothing, and healthcare.
Additionally, the NBS revealed that food inflation slightly decreased to 21.14 percent in May, down from 21.16 percent in April.
This notable drop was largely due to base-year effects following changes in inflation measurement methods.
Nevertheless, on a month-to-month basis, food inflation saw a small rise to 2.19 percent in May from 2.06 percent in April.
