Nigeria’s inflation rate drops to 23.7%

Nigeria’s inflation rate drops to 23.7%

The National Bureau of Statistics (NBS) says Nigeria’s
headline inflation rate slightly dropped to 23.71 percent in April 2025 – down
from the 24.23 percent in March.

 

NBS announced the increase in its consumer price index (CPI)
on Thursday.

 

According to the bureau, the movement for April 2025
“headline inflation rate showed a decrease of 0.52% compared to the March 2025
Headline inflation rate”.

 

“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.”

 

FOOD INFLATION RATE DROPS TO 21%

NBS further said the food inflation rate in April 2025 was
21.36 percent on a year-on-year basis.

 

This, the bureau said, is 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 statistics firm 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%).

 

“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.

Source: Nigeria’s inflation rate drops to 23.7%

 - NigerianEye
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