Nigeria’s inflation rate slowed slightly in April 2025, offering some relief to consumers and raising the possibility of a pause in interest rate hikes by the Central Bank of Nigeria (CBN).
According to the latest data from the National Bureau of Statistics (NBS), headline inflation dropped to 23.71% in April, compared to 24.23% in March. This marks a 0.52 percentage point decrease.
On a year-on-year basis, inflation eased by 9.99 percentage points from the 33.69% recorded in April 2024. This sharp drop was partly influenced by changes in the base year used for calculations. Monthly inflation also slowed, coming in at 1.86% in April, down from 3.90% in March. A signal that the pace at which prices are rising has softened.
Food inflation, which has been a major concern for many Nigerian households, also declined. The food inflation rate stood at 21.26% in April, a significant drop from 40.53% in the same month last year. Month-on-month, food inflation slowed to 2.06% in April from 2.18% in March.
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The NBS attributed these reductions to decreased prices in key staples such as maize flour, wheat, dried okra, yam flour, soya beans, rice, and beans.
Core inflation, which strips out volatile items like food and energy, also declined. It was recorded at 23.39% year-on-year in April, down from 26.84% in April 2024. On a monthly basis, core inflation fell to 1.34% from 3.73% in March.
Urban and rural inflation trends showed similar patterns. Urban inflation slowed to 24.29% year-on-year, while rural inflation dropped to 22.83%. Both measures also declined on a monthly basis, reflecting a broad-based easing of price pressures across the country.
The CBN is expected to take these developments into account during its upcoming monetary policy meeting.
