NIGERIA INFLATION REPORT- MAY 2025

The NBS announced its May Inflation numbers:
Headline rate: 22.97%y/y (23.71% y/y in April)
Core rate:        22.28% y/y
Food rate:        21.14% y/y

• The National Bureau of Statistics reported that the headline inflation rate for May 2025 declined by 0.74% to 22.97% compared to April 2025 (23.71%). On a month-on-month basis, the Headline inflation rate in May 2025 was 1.53%, which was 0.33% lower than the rate recorded in April 2025 (1.86%).
• The three major contributors to the headline inflation figure were Food and non-alcoholic Beverages 9.20%, Restaurants & Accommodation Services 2.97%, and Transport 2.45%, while the smallest contributors were Alcoholic Beverages, Tobacco, and Narcotics 0.09% and Recreation, Sport, and Culture 0.07%. SOURCE: Coronation Merchant Bank