Slight Drop in Inflation Rate
Inflation in Nigeria dropped slightly to 22.97% in May 2025. This is lower than the 23.71% recorded in April, according to the National Bureau of Statistics (NBS). While this is a good sign, many Nigerians are still struggling with high prices, especially for food.
Food Still the Biggest Problem
The top cause of inflation remains food and non-alcoholic drinks. These made up 9.20% of the rise. Restaurants and hotels added 2.97%, and transport costs contributed 2.45%. On the other hand, areas like entertainment, alcohol, and insurance had little impact.
Monthly Changes in Prices
On a month-by-month basis, general inflation in May was 1.53%. This is lower than the 1.86% recorded in April. However, food prices went up. The monthly food inflation rose to 2.19%, compared to 2.06% in April. Items like yam, ogbono, cassava, maize flour, pepper, and sweet potatoes were among the main causes.
Core Inflation Falls Slightly
Core inflation, which excludes food and energy, was 22.28% in May. This is the yearly figure. On a monthly basis, core inflation dropped to 1.10%, from 1.34% in April.
Farm Produce, Goods, and Services
New data from NBS showed farm produce inflation at 22.38%, while goods inflation was 9.39%. Services stood at 1.79%, and energy costs actually went down by -0.43%.
Urban vs Rural Inflation
In cities, the inflation rate was 23.14% over the past year. From April to May, prices in urban areas went up by 1.40%. In rural areas, inflation was 22.70% year-on-year. However, monthly rural inflation dropped sharply to 1.83% from 3.56%.
Changes in State Figures
Some states had their April inflation numbers updated. These updates did not change the national figure. Only Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, and the FCT were not affected by this revision.
Where Inflation Hits Hardest
Borno had the highest inflation in May at 38.93%, followed by Niger and Plateau. The lowest rates were in Katsina, Adamawa, and Delta. Bayelsa, Bauchi, and Borno saw the biggest monthly increases, while Kaduna, Jigawa, and Edo recorded drops.
Food Inflation by State
Borno also had the highest food inflation, with a huge 64.36% increase. Bayelsa and Taraba were next. States with the smallest food price increases were Katsina, Rivers, and Kwara. On a monthly basis, food inflation rose fastest in Bayelsa, Cross River, and Anambra, while it fell in Katsina, Jigawa, and Kaduna.
