Abuja, Nigeria –
Nigeria’s inflation rate has dropped for the second month, falling to 22.97% in May 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
This marks a notable decrease from 23.71% in April and 24.23% in February, showing positive signs for the economy.
🧾 What’s Driving the Drop?
Economic experts say the drop is due to:
- ⚖ Foreign exchange stability
- 💡 Lower energy costs
- 🌾 Boost in agricultural output
- 🏦 Edun & Cardoso Meet to Sustain Gains
In response, Minister of Finance, Wale Edun, and CBN Governor, Yemi Cardoso, met at the CBN headquarters in Abuja to discuss deeper coordination of fiscal and monetary policies.
Their goal: sustain economic momentum and ensure that Nigerians feel the benefits of ongoing reforms.
🗣 “We are focused on stabilising prices, restoring investor confidence, and unlocking private-sector-driven growth,” a joint statement revealed.
📊 Highlights from the CPI Report:
- 🔻 Food Inflation: Dropped slightly from 21.26% (April) to 21.14% (May)
- 🔻 Core Inflation (excluding food & energy): Dropped to 22.28% from 23.39%
- 🔻 Month-on-Month Headline Inflation: 1.53% in May (vs. 1.86% in April)
📌 Major Contributors to Inflation:
Category Contribution
- 🥘 Food & Non-Alcoholic Beverages 9.20%
- 🏨 Restaurants & Accommodation 2.97%
- 🚗 Transport 2.45%
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🟢 Least Contributors:
Category Contribution
- 🎭 Recreation, Sports, & Culture 0.07%
- 🍷 Alcohol, Tobacco & Narcotics 0.09%
- 💳 Insurance & Financial Services 0.11%
📌 What It Means for You:
✅ Lower food prices
✅ Improved investor outlook
✅ Hope for better economic stability
However, economists urge sustained reforms and close government coordination to avoid a reversal of gains.
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