Nigeria’s Inflation Rate Drops to 23.71% in April 2025
Significant Decline from Previous Month and Year
Nigeria’s headline inflation rate fell to 23.71% in April 2025, marking a 0.52% decrease from March’s 24.23% rate, according to the National Bureau of Statistics (NBS).
Year-on-Year Comparison Shows Improvement
The April 2025 figure represents a substantial 9.99% reduction compared to April 2024’s inflation rate of 33.69%. The NBS noted this demonstrates a clear downward trend in inflation when comparing the same month across different years.
Month-to-Month Inflation Trends
On a month-on-month basis, April’s headline inflation stood at 1.86%, significantly lower than March’s 3.90%. This 2.04% difference indicates a slower pace of price increases across the economy.
Food Inflation Shows Promising Decline
The report highlighted positive developments in food prices:
- Year-on-year food inflation dropped to 21.26% from 40.53% in April 2024
- Month-on-month food inflation decreased to 2.06% from 2.18% in March
- Key commodities showing price reductions include maize, wheat, rice, and various beans
Long-Term Inflation Trends
The twelve-month average food inflation rate through April 2025 was 31.43%, 1.31 percentage points lower than the comparable period ending April 2024 (32.74%).
The NBS attributed part of the statistical improvement to methodological changes, including the base year revision to November 2009 = 100, while acknowledging genuine price stabilization in certain sectors.
Full credit to the original publisher: Daily Trust