Nigeria’s inflation drops to 23.71% in April 2025 – Report

Nigeria’s headline inflation rate eased to 23.71% in April 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday.

The statistics office said the April 2025 headline inflation figure represents a 0.52% decline when compared to that of March 2025.

On a month-on-month basis, inflation growth slowed considerably, printing at 1.86% in April compared to 3.90% recorded in March.

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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,” it said.

According to the report, the food inflation rate in April 2025 was 21.26 per cent on a year-on-year basis. This, it said, was 19.27 percentage points lower compared to the rate recorded in April 2024 (40.53 per cent).

Nigeria has experienced a sharp increase in food prices in recent years. This trend worsened in 2023 following President Bola Tinubu’s removal of petrol subsidies and adoption of a floating exchange rate for the naira.

This shift has led to a steep increase in the cost of staple food, pushing many Nigerians further into poverty and heightening food insecurity.

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