Inflation Rate Drops To 23.71%

Nigeria’s headline inflation rate dropped to 23.71% in April 2025 executivest rate fell to 23.71% in April 2025, a decrease from the 24.23% reported in March, as per the latest data published by the National Bureau of Statistics (NBS).

The report shows a reduction of 0.52% in the monthly inflation rate, indicating a slower pace of price increases across the nation.

Compared to the previous year, the April 2025 rate is 9.99% lower than the 33.69% recorded in April 2024. “This shows that the Headline inflation rate (year-on-year basis) decreased in April 2025 compared to the same month in the preceding year (i.e., April 2024), though with a different base year, November 2009 = 100,” the NBS stated.

The month-on-month headline inflation for April was 1.86%, a notable decline from the 3.90% reported in March 2025. “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,” the agency clarified.

Food inflation, a key driver of the overall inflation rate, also experienced significant improvements. On a year-on-year basis, food inflation decreased to 21.26% in April 2025, a substantial reduction of 19.27 percentage points from the 40.53% recorded in April 2024. The NBS attributed this to the change in the base year, noting, “The significant decline in the food annual inflation figure is technically due to the change in the base year.”

Month-on-month food inflation was recorded at 2.06% in April, slightly lower than the 2.18% in March. This decline was attributed to reduced average prices of staple food items such as maize flour, wheat grain, okro, yam flour, soya beans, rice, Bambara beans, and brown beans.

“The average annual rate of Food inflation for the twelve months ending April 2025 over the previous twelve-month average was 31.43%, which was 1.31% points lower compared with the average annual rate of change recorded in April 2024 (32.74%),” the NBS concluded.

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