James Emejo in Abuja
The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased further to 15.93 per cent in May compared to 15.69 per cent in April, the National Bureau of Statistics (NBS) said Monday.
According to the CPI report for the review period, month-on-month however, headline inflation eased to 1.75 per cent in May from 2.13 per cent in the preceding month, indicating that although prices continued to rise, the pace of increase slowed compared to April.
Food inflation, stood at 16.96 per cent year-on-year in May compared to 24.55 per cent in May 2025.
Month-on-month, food inflation moderated to 2.98 per cent from 3.63 per cent recorded in April, reflecting slower increases in food prices during the review period.
Similarly, core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 16.82 per cent year-on-year in May, compared to 24.92 per cent in the corresponding month of last year.
On a month-on-month basis, however, core inflation accelerated to 1.94 per cent from 1.03 per cent in April, suggesting renewed pressure from non-food components of the inflation basket.
Urban inflation stood at 16.07 per cent year-on-year in May, while month-on-month urban inflation rose slightly to 1.99 per cent from 1.86 per cent in April.
Similarly, rural inflation stood at 15.60 per cent year-on-year in May. Month-on-month, the rural index slowed considerably to 1.17 per cent from 2.80 per cent recorded in April.