Based on the CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation eased by 74bps to 22.97% y/y in May (April: 23.71% y/y). On a month-on-month basis, consumer prices moderated to 1.53% (April: 1.86% m/m).

Food inflation moderated by 12bps to 21.14% y/y in May (April: 21.26% y/y). On a month-on-month basis, food inflation increased by 13bps to 2.19% (April: 2.06% m/m), attributed to the rate of increase in the average prices of Yam, Avenger (Ogbono/Apon), Cassava Tuber, Maize Flour, Fresh Pepper, and Sweet Potatoes.

Similarly, core inflation (all items excluding farm produce and energy) eased by 110bps to 22.28% y/y in May (April: 23.39% y/y). 

On a month-on-month basis, the core index moderated sharply by 24bps to 1.10% m/m (April: 1.34% m/m).