Nigeria’s annual inflation rate eased for the second month to 22.97% in May 2025, from 23.71% in the prior month. This slowdown is largely a technical adjustment, supported by favorable base effects and a slight strengthening of the naira, which has helped cap the import costs. Food inflation, the largest component of the inflation basket, remained elevated but continued to decelerate to 21.14% in May from 21.26% in the month before. On a monthly basis, consumer prices rose 1.53% in May, slowing from 1.86% in the prior month.