Nigeria recorded a slowdown in its inflation rate for the month of April 2025, with headline inflation easing to 23.71%, down from 24.23% in March, according to fresh data released by the National Bureau of Statistics (NBS).
The report shows a 0.52% decrease in the headline inflation figure month-on-month, indicating a slight cooling of price pressures across the country. This marks a second consecutive month of moderation after months of high inflation driven by food costs and other economic pressures.
On a year-on-year basis, April’s inflation rate reflects a notable decline of 9.99 percentage points from the 33.69% recorded in April 2024. The NBS noted that this year-on-year decrease should be viewed in light of the revised base year now set at November 2009 = 100.
In terms of monthly price movement, the report noted a slower pace of increase. The month-on-month inflation rate stood at 1.86% in April, a significant drop from 3.90% recorded in March. This suggests that the average prices of goods and services are rising at a reduced rate compared to the previous month.
A key driver of overall inflation and food inflation also saw a measurable decline. On a year-on-year basis, the food inflation rate was recorded at 21.26%, significantly lower than the 40.53% observed in April 2024. The sharp difference, according to the NBS, is primarily due to the updated base year calculation.
Month-on-month, food inflation dropped marginally to 2.06% in April from 2.18% in March. The decline was attributed to falling prices in staple items such as maize flour, wheat grain, yam flour, soya beans, dried okra, brown beans, and rice.
Over a 12-month moving average period, food inflation stood at 31.43%, slightly below the 32.74% recorded during the previous comparable period indicating a gradual reduction in food price pressures over time.
The April inflation figures offer a glimmer of hope for policymakers and households alike, as Nigeria continues its efforts to stabilize the economy and manage rising living costs. While challenges remain, particularly in the food supply chain, the easing of inflation could signal early signs of monetary and fiscal interventions taking effect.
