Nigeria’s Inflation Rate Declines To 23.71% In April

Nigeria’s headline inflation rate eased to 23.71 percent in April 2025, reflecting a 0.52 percentage point drop from 24.23 percent recorded in March.

This was disclosed in the latest Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS).

According to the report, food inflation also declined, falling by 0.53 percentage points to 21.26 percent in April, down from 21.79 percent in March. The decrease was credited to a drop in the prices of staple food items such as maize (corn) flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.

The NBS stated: “The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month.”

“On a year-on-year basis, the headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69%). This indicates a significant decrease compared to the same month in the preceding year, though with a different base year of November 2009 = 100.”

The report also highlighted that year-on-year food inflation stood at 21.26% in April 2025, showing a notable 19.27 percentage point reduction from 40.53% in April 2024. The NBS attributed this sharp year-on-year drop to a change in the base year used for calculations.

Month-on-month, food inflation was recorded at 2.06% in April 2025 — a slight decline of 0.12% from 2.18% in March 2025.

“The decrease can be attributed to the reduction in the average prices of key food items like Maize Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara Beans, and Brown Beans,” the report added.

The simultaneous easing of both headline and food inflation is regarded as a positive sign for consumers. However, economic analysts have called for sustained policy measures to ensure price stability in the coming months.