Nigeria’s inflation down to 23.7%

The National Bureau of Statistics (NBS) has announced a slight drop in Nigeria’s headline inflation rate to 23.71 percent in April.

This was down from the 24.23 percent in March. The NBS revealed this in its Consumer Price Index (CPI) report released on Thursday in Abuja.

According to the bureau, the movement for April “headline inflation rate showed a decrease of 0.52% compared to the. one for March.

“On a month-on-month basis, the Headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%),” NBS said.

“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.”

NBS further said the food inflation rate in April was 21.36 percent on a year-on-year basis.

This, the bureau said was 19.27 percent lower compared to the rate recorded in April 2024 (40.53 percent).

“The significant decline in the food annual inflation figure is technically due to the change in the base year,” the agency said.

“However, on a month-on-month basis, the Food inflation rate in April 2025 was 2.06%, down by 0.12% compared to March 2025 (2.18%).

READ ALSO: IMF recommends tight monetary policy to lower Nigeria’s inflation

“The decrease can be attributed to the rate of decrease in the average prices of Maize (Corn) Flour, Wheat Grain, Okra Dried, Yam Flour, Soya Beans, Rice, Bambara beans, Brown Beans, etc.”

The report said that in April 2025, food inflation on a year-on-year basis was highest in Benue (51.76 percent), Ekiti (34.05 percent), and Kebbi (33.82 percent), while Ebonyi (7.19 percent), Adamawa (9.52%), and Ogun (9.91 percent) recorded the slowest rise.

On a month-on-month basis, however, NBS said food inflation was highest in Benue (25.59 percent), Ekiti (16.73 percent), and Yobe (13.92 percent).

The bureau added that Ebonyi (-14.43 percent), Kano (-11.37 percent) and Ogun (-7.06 percent), recorded a decline in food inflation.

By: Babajide Okeowo

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