Nigeria's food inflation drops for the second time to 21.14% in May

Africa's most populous country, Nigeria's food inflation rate has declined for the second consecutive time to 21.14 percent in May 2025, down from 21.26 percent in April 2025.

The National Bureau of Statistics disclosed this in its latest Consumer Price Index released on Monday.

Similarly, headline inflation dropped to 22.97 percent in May from 23.71 in April 2025.

The drop in the country's headline and food inflation comes despite soaring prices of essential goods.

"The food inflation rate in May 2025 was 21.14% on a year-on-year basis," NBS stated.

Recall that the April inflation figure dropped to 23.71 percent.

In response to April's inflation drop, the Monetary Policy Committee of the Central Bank of Nigeria maintained the interest rate at 27.50 percent.