Nigeria recorded a deceleration in its headline inflation rate to 23.71% in April 2025, as per the latest consumer price index (CPI) report published by the National Bureau of Statistics (NBS).
The April figure reflects a downward revision of 52 basis points from the 24.23% recorded in March, reversing the upward trajectory seen in the previous month. On a monthly basis, the rate of change in consumer prices slowed to 1.86%, down significantly from 3.90% in March.
Food inflation, a major contributor to overall inflation, declined slightly to 21.26% year-on-year, compared to 21.79% in March. Month-on-month, food price growth eased by 12 basis points to 2.06%, reflecting reduced prices in staples such as maize flour, wheat grain, okro, yam flour, soybeans, rice, Bambara beans, and brown beans.
In parallel, the core inflation rate—which excludes volatile agricultural and energy prices—also dropped notably. Annual core inflation declined by 105 basis points to 23.39% in April from 24.43% in March. On a monthly basis, the core index saw a sharp moderation to 1.34%, a significant drop from 3.73% reported in the previous month.
The easing inflation figures come amid continued economic reforms and tighter monetary policy aimed at stabilizing prices and strengthening the value of the naira in both the formal and informal markets.
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