Nigeria’s inflation rate saw a second consecutive monthly decline in May, settling at 22.97%, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The data, unveiled on Monday, indicates a 74 basis points reduction from April’s inflation figure of 23.71% year-on-year. On a monthly basis, consumer price growth also slowed, easing to 1.53% from the 1.86% recorded in April.
In the food sector, inflation saw a modest decline, with year-on-year rates dipping by 12 basis points to 21.14% in May compared to 21.26% in April. However, month-on-month food inflation edged up slightly to 2.19%, influenced by rising prices in key food items such as yam, cassava tuber, maize flour, fresh pepper, and sweet potatoes.
Core inflation—which strips out volatile agricultural and energy components—also eased notably. The core inflation rate dropped by 110 basis points to 22.28% year-on-year, down from 23.39% in April. Month-on-month, core inflation moderated to 1.10%, reflecting a 24 basis point decline from the 1.34% recorded the previous month.
The latest data reflects tentative signs of economic relief amid ongoing fiscal and monetary policy reforms, although consumer pressure from elevated food and transportation costs continues to weigh on household budgets.
