Nigeria’s inflation rate continued its downward trend in May 2025, reflecting moderation across key components. Headline inflation dropped to 22.97% year-on-year, down from 23.71% in April, driven by declines in both core and food inflation. On a monthly basis, price pressures also eased, signalling a gradual return of price stability amid ongoing monetary tightening.
https://www.digital.zenithbank.com/ZEQ/ZEQ-jan-2026/index.html#p=1Highlights
Headline CPI (YoY): In May 2025, the Headline CPI recorded 22.97%, from 23.71 % recorded in April 2025.
Headline CPI (MoM): On a month-to-month basis, the inflation rate in May 2025 was 1.53%, which was 0.33% lower than the rate recorded in April 2025 (1.86%).
Food Inflation (YoY): Food inflation, a significant driver of overall inflation, reduced to 21.14% in May 2025 from 21.26% in April 2025.
Food Inflation (MoM): On a month-on-month basis, May 2025 was 2.19%, up by 0.12% compared to April 2025 (2.06%).
Core CPI (YoY): Core inflation, which excludes volatile agricultural produce and energy prices, stood at 22.28% in May, from 23.39% in April 2025.
Core CPI (MoM): On a month-on-month basis, the Core Inflation rate was 1.10% in May 2025, down by 0.23% compared to April 2025 (1.34%).
