Nigeria’s headline inflation rate has eased once again, dropping to 22.97% in May, down from 23.71% in April, marking the second straight monthly decline according to the National Bureau of Statistics.
This moderation reflects progress following recent economic adjustments—including fuel subsidy removal, naira unification, and a CPI rebasing that recalibrated the base year to 2024. The rebasing alone triggered a sharp dip from nearly 35% in December to the mid-20s by January .
Food inflation, a key driver of headline figures, also eased slightly, declining from 21.26% in April to 21.14% in May, though month-on-month food costs rose 2.19% as staples like yam, maize flour, pepper, and ogbono continued to creep upward.
The gradual easing is attributed to stable foreign exchange rates, lower energy costs, and improving agricultural outputs, which collectively helped ease price pressures.
Meanwhile, core inflation—excluding volatile food and energy—also fell to 22.28%, and the Central Bank opted to hold interest rates steady in May, signaling cautious optimism about sustaining this downward trend.
