Nigeria’s inflation rate drops again to 23.7%, says NBS report

Nigeria’s inflation rate drops again to 23.7%, says NBS report

The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s inflation rate, which eased to 23.7 percent in April 2025, down from 24.23 percent recorded in March.

This was disclosed in the April Consumer Price Index (CPI) and inflation data released on Thursday.

According to the report, inflation dropped by 1.86 percent on a month-on-month basis.

The food inflation rate also showed a slowdown, standing at 21.26 percent year-on-year in April.

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“In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent.

The MoM headline inflation rate in April 2025 was 1.86 percent. The food inflation rate was 21.26 percent (YoY),” NBS wrote on its X account on Thursday.

The CPI report comes just days before the Central Bank of Nigeria’s (CBN) Monetary Policy Committee meeting scheduled for May 19 and 20, 2025.

Recall that the inflation rate had surged to 24.23 percent in March following the CPI rebase introduced in January. The CBN had paused interest rate hikes in February after inflation appeared to ease.

 

Nigeria’s inflation rate drops again to 23.7%, says NBS report