The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate eased to 23.71% in April 2025, down from 24.23% in March.
The NBS reported that Nigeria’s inflation rate in April represents a modest decline of 0.52 percentage points.
This development offers a glimmer of hope amid persistent economic challenges, including rising cost-of-living pressures and the lingering effects of policy reforms.
According to the NBS, the month-on-month headline inflation rate for April 2025 stood at 1.86%, reflecting a slower pace of price increases compared to previous months.
Food inflation, a critical component of Nigeria’s inflation rate also showed signs of moderation, dropping to 21.26% year-on-year, according to the NBS.
This was disclosed in the latest Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS).
Part of the report reads: “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 further noted that the food inflation rate on a year-on-year basis stood at 21.26% in April 2025, marking a 19.27 percentage point reduction compared to 40.53% in April 2024. The NBS attributed this sharp decline to a change in the base year used for calculations.
On a month-on-month basis, food inflation was recorded at 2.06% in April 2025, a slight drop 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.
According to the report, the slight easing of Nigeria’s inflation rate can be attributed to several factors, including improved agricultural output and targeted monetary policies by the Central Bank of Nigeria (CBN).
