Nigeria’s inflation drops to 23.71 percent

Nigeria’s headline inflation rate dropped to 23.71% in April 2025, as revealed in the latest Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS) on Thursday.

The report indicates a 0.52% decrease in April’s inflation rate compared to March 2025.

On a month-on-month basis, inflation growth significantly slowed, recording 1.86% in April, down from 3.90% in March.

According to the NBS, this reflects a year-on-year decline in the headline inflation rate for April 2025 compared to April 2024, using a different base year.

“This means that in April 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in March 2025,” it  said.

Meanwhile, the statistics office also reported that the country’s food inflation saw a 0.53% decline, coming in at 21.26% in April from 21.79% in March.

Month-on-month, the index eased to 2.06% in the period under review from 2.18% in the previous month.

The moderation in food prices was largely driven by reduction in the average prices of key staples including maize flour, wheat grain, dried okra, yam flour, soya beans, rice, bambara beans, and brown beans.

Similarly, core inflation which excludes the volatile components of food and energy, saw a notable slowdown, dropping by 105 basis points to 23.39% year-on-year in April, from 24.43% in March.

On a monthly basis, the core index recorded a significant drop to 1.34%, down from 3.73% the previous month.

The overall cooling of inflation across key categories suggests a temporary easing in price pressures.