Nigeria’s Inflation Rate Drops To 23.71% In April – NBS

Nigeria experienced a slight relief in inflationary pressures as the country’s headline inflation rate declined to 23.71% in April 2025, down from 24.23% recorded in the previous month.

This development was confirmed on Thursday in the latest Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS), which also recorded a drop in food inflation.

According to the NBS, the food inflation rate dropped by 0.53 percentage points to settle at 21.26% in April, compared to 21.79% in March.

The dip is linked to lower prices in essential food commodities such as maize flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.

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

The report added: “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.”

Also highlighted was the year-on-year food inflation figure, which stood at 21.26% in April 2025—a 19.27 percentage point drop from 40.53% in April 2024. The NBS linked this sharp decline to the revised base year used in its calculations.

Month-on-month, food inflation recorded a marginal decline to 2.06% in April from 2.18% in March.

“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.