Nigeria’s Inflation Eases to 22.97% in May, Says NBS

Nigeria recorded a continued decline in its headline inflation rate, dropping to 22.97% in May, according to the latest consumer price index report from the National Bureau of Statistics (NBS).

The statistics agency’s Monday release showed that inflation decreased by 74 basis points on an annual basis, falling from April’s 23.71% to May’s 22.97%. This marks the second month of consecutive declines in the country’s inflation rate.

Monthly price increases also showed improvement, with consumer prices rising by 1.53% compared to the previous period’s 1.86% increase.

The food inflation component saw a marginal improvement, dropping by 12 basis points to 21.14% annually, down from April’s 21.26% rate. However, monthly food price increases accelerated slightly, rising by 13 basis points to 2.19% from the prior month’s 2.06%. This acceleration was driven by higher prices for several staple items, including yam, Avenger Cassava Tuber, maize flour, fresh pepper, and sweet potatoes.

Core inflation, which excludes volatile food and energy prices, demonstrated more significant improvement, declining by 110 basis points to 22.28% on an annual basis from the previous month’s 23.39%. The monthly core inflation rate also showed substantial moderation, falling by 24 basis points to 1.10% from April’s 1.34%.