Nigeria’s inflation eases to 23.71% —  NBS

Nigeria’s headline inflation rate dropped to 23.71 percent in April 2025, relative to 24.23 percent recorded in March 2025, representing a decrease of 0.52 percent from March 2025 figure.

This is contained in data released by the National Bureau of Statistics (NBS) on Thursday in Abuja, and the report is based on a new consumer price index (CPI) base year of 2024, with 2023 as the reference period for expenditure weights.

According to the NBS, the three major contributors to the headline inflation were Food and non-alcoholic Beverages: 9.49 percent, Restaurants & Accommodation Services: 3.06 percent, and Transport: 2.53 percent; while the least contributors were Alcoholic Beverages, Tobacco, and Narcotics: 0.09 percent, Recreation, Sport, and Culture: 0.07 percent.

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The NBS reported that on a month-on-month basis, the Nigeria’s headline inflation rate in April 2025 was 1.86 percent, which was 2.04 percent lower than the 3.90 percent recorded in March 2025.

It noted that the food inflation rate in April 2025 was 21.26 percent on a year-on-year basis, while on a month-on-month basis, the food inflation rate in April 2025 was 2.06 percent, a decline of 0.12 percent compared to 2.18 percent recorded in March 2025.

The NBS said the decrease in Nigeria’s inflation rate can be attributed to the reduction in average prices of items such as Maize (Corn) Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara beans, Brown Beans etc.

Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 23.39 percent in April 2025 on a year-on-year basis.

On a month-on-month basis, the core inflation rate was 1.34 percent in April 2025, down by 2.39 percent compared to 3.73 percent in March 2025.

“The inflation rate of the newly introduced sub-index is: Farm Produce: 2.64%, Energy: 9.21%, Services: 3.44%, and Goods: 3.89%,” the NBS stated.

On a year-on-year basis, the urban inflation rate in April 2025 was 24.29 percent, while on a month-on-month basis, the urban inflation rate was 1.18 percent in April 2025, reflecting a decrease of 2.78 percent compared to 3.96 percent in March 2025.

The rural inflation rate in April 2025 was 22.83 percent on a year-on-year basis, while on a month-on-month basis, the rural inflation rate in April 2025 was 3.56 percent, showing a fall of 0.17 percent compared to 3.73 percent in March 2025.

State-level analyses show that the all-item index for April 2025, on a year-on-year basis, was highest in Enugu (35.98%), Kebbi (35.13%), and Niger (34.85%).

Ondo (13.43%), Cross River (17.11%), Kwara (17.28%) recorded the lowest rise in headline inflation on a year-on-year basis.

On a month-on-month basis, April 2025 recorded the highest increases in Sokoto (16.26%), Nasarawa (16.02%), and Niger (14.74%).

Oyo (-6.45%), Osun (-4.54%) and Ondo (-3.44%) recorded declines in month-on-month inflation.

State-level analyses of the food index in April 2025 show that food inflation on a year-on-year basis was highest in Benue (51.76%), Ekiti (34.05%), and Kebbi (33.82%).

The slowest rise in food inflation on a year-on-year basis was recorded in Ebonyi (7.19%), Adamawa (9.52%), and Ogun (9.91%).

However, on a month-on-month basis, April 2025 food inflation was highest in Benue (25.59%), Ekiti (16.73%), and Yobe (13.92%).

Ebonyi (-14.43%), Kano (-11.37%) and Ogun (-7.06%) recorded declines in food inflation on a month-on-month basis.

NIGERIAN TRIBUNE