Nigeria’s headline inflation rate declined to 23.71% in April 2025, down from 24.23% recorded in March, according to the latest data released by the National Bureau of Statistics (NBS)
The decline was largely driven by a slowdown in food price increases. Food inflation dropped to 21.26% in April from 21.79% the previous month, helped by lower prices of staple items such as maize flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.
Core inflation—which excludes the prices of volatile items like food and energy—also eased to 23.39% in April, down from 24.43% in March.
On a year-on-year basis, the inflation rate is now nearly 10 percentage points lower than the 33.69% recorded in April 2024, a shift partly attributed to a recent change in the base year used for inflation calculations.
Analysts believe the drop in inflation could influence the Central Bank of Nigeria’s monetary policy decisions in the coming months, possibly opening the door for interest rate adjustments to stimulate economic growth.
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