Nigeria’s Inflation Rate Drops to 22.97% in May 2025

Nigeria’s inflation rate declined to 22.97% in May 2025, according to newly released figures that indicate a slight easing of price pressures in the economy.

The report, shared on Monday , June 16, shows a marginal drop from April’s inflation rate, offering cautious optimism for both policymakers and households hit hard by the rising cost of living.

While inflation remains high, especially in food and energy sectors, the latest data suggests that ongoing economic reforms and monetary tightening by the Central Bank of Nigeria (CBN) may be beginning to yield results.

Analysts believe a combination of naira stability, reduced import costs, and gradual improvements in local food production contributed to the dip.

The National Bureau of Statistics (NBS) is expected to publish a full inflation breakdown later in the week.