Nigeria's headline inflation rate dropped to 23.71% in April 2025, down from 24.23% recorded in March, according to the latest data from the National Bureau of Statistics (NBS). The decline was largely driven by a reduction in the prices of grains and other key food items.
The NBS noted that the 0.52% drop in headline inflation on a month-to-month basis reflects a slowdown in the rate of price increases during the period. Year-on-year, the April inflation rate is 9.99% lower than the 33.69% recorded in April 2024.
On a month-on-month basis, headline inflation stood at 1.86% in April, showing a significant decrease from the 3.90% recorded in March.
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Food inflation also saw a major drop, falling to 21.26% in April on a year-on-year basis—down by 19.27 percentage points from 40.53% in April 2024. Although the decline is partly attributed to a change in the base year, the NBS said prices of food items such as maize, rice, wheat, okro, and various beans contributed to the lower rate.
Month-on-month food inflation fell slightly to 2.06% in April from 2.18% in March, while the 12-month average annual food inflation rate stood at 31.43%, down from 32.74% in April 2024.
Core inflation—which excludes volatile agricultural produce and energy—also declined. It stood at 23.39% year-on-year in April, compared to 26.84% in April 2024. Month-on-month, the core inflation rate was 1.34%, a notable drop from 3.73% in March.
Despite the slowdown in monthly inflation, the average 12-month inflation rate for all items rose slightly to 24.91% as of April 2025, up from 22.84% recorded in April 2024.
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