Abuja, Nigeria – According to the National Bureau of Statistics, headline inflation eased to 22.97 % in May, down from 23.71 % in April—a sharp drop from 31 % in 2024, partly due to tighter monetary policy and better supply chains.
Key Takeaways:
Headline inflation: 22.97% (May) ↓ from 23.71% (April)
Food inflation: 21.14% in May
Central Bank held rate at 27.5% after six hikes in 2024
IMF & World Bank reforms, including 3MTT integration and subsidy removal, are contributing
Despite the numbers, market traders say prices remain stubbornly high
Following the report, headline inflation eased to 22.97 %, marking the second straight monthly decline, as reported by Reuters. According to the IMF, disinflation is likely to continue, with retail fuel prices easing and monetary policy staying tight.
Speaking on the NBS data, urban inflation fell to 23.14%, and rural hit 22.7% . “Food inflation at 21.14%, down from a peak of 40.66% last year,” they said. Meanwhile, the NBS explained the sharp year-on-year fall partly stems from CPI rebasing.
Speaking further, the IMF praised the CBN’s tight stance and exchange-rate reforms under World Bank and IMF guidance, which improved FX rates and macro stability . Nigeria’s 3‑Month Treasury‑To‑Tariff (3MTT) reforms also helped boost fiscal discipline.
However, the Organised Private Sector said nothing feels cheaper on the ground:
@OPS_NG commented it doesn’t see “any price coming down; everything is still the same”
At Mile 12 Market, Lagos, mama Tochukwu said she still spends a fortune on garri and tomatoes:
“I no dey see any relief; prices remain high,” she said over the noise of bargaining.
This emotional fatigue reflects a nation still reeling from subsidy removal and naira devaluation. In a video filmed by a vendor, eyes brimmed with worry: cutbacks, smaller portions.
Following the incident, many are choosing thrifting, local produce, and DIY cooking to stretch their naira. These adaptation stories show everyday Nigerians’ resilience amid trends in.
🔍 What It Means for You
Better days ahead? Tighter CBN policy, linkages to IMF/World Bank reforms, and 3MTT may continue weakening inflation.
Shopper reality check: Prices haven’t dropped yet—consumers must still stretch budgets.
Nigeria politics: Economic moves carry political weight—government must deliver visible relief as campaigns heat up.
As at the time of filing this report, inflation has eased—but according to analysts and IMF, sustained relief hinges on continued reforms. In a post on X (Twitter) earlier, the IMF reiterated progress so far but warned the gains must reach ordinary Nigerians.
Following the report, next week the CBN meets again; watchers will check for monetary signals. Speaking on fiscal discipline and 3MTT, further reforms could be Nigeria’s best shot at bringing real relief to the market.
Social Media Comments:
Commented @RealTraderNG: “Numbers good o, but my pocket no dey feel am.”
Commented @MarketMama89: “Food madiro every week!”
Commented @BudgetingBola: “I don cut meat to stretch money.”
Commented @Disillusioned: “CBN dey do. But where the change at?”
Commented @HopefulNaija: “If 3MTT join subsidy removal, e fit work.”
Nigeria’s inflation easing to 22.97 % is promising—but everyday relief is yet to be felt. Continued reforms and fiscal discipline underpin future gains. Stay with Newstridez for real-time Nigeria news and breaking news updates.
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