June 16, 2025/CSL Research
- Recently released data from the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation eased slightly to 23.0% year-on-year (y/y) in May, down from 23.7% in April.
- Similarly, core and food inflation moderated to 22.3% and 21.1% y/y respectively in May, compared to 23.4% and 21.3% y/y in the previous month.
- On a monthly basis, inflationary pressures also declined, with headline and core inflation falling by 33bps and 23bps to 1.5% and 1.1% respectively.
- However, food prices saw renewed upward momentum, rising by 12bps to 2.2% month-on-month.
