Nigeria’s inflation fee eased to 23.71% in April 2025, down from 24.23% recorded in March.
That is in keeping with new information by the Nationwide Bureau of Statistics (NBS) launched on Thursday.
The most recent determine marks a modest decline of 0.52 proportion factors, providing a glimmer of hope amid persistent financial challenges and rising cost-of-living pressures throughout the nation.
Based on the NBS, “On a year-on-year foundation, the headline inflation fee was 9.99% decrease than the 33.69% recorded in April 2024. This exhibits that the year-on-year inflation fee decreased in April 2025 in comparison with the identical interval final yr, although based mostly on a distinct reference yr (November 2009 = 100).”
On a month-on-month foundation, inflation stood at 1.86% in April 2025, down from 3.90% in March, representing a 2.04 proportion level decline.
This means that the speed at which costs elevated in April slowed in comparison with the earlier month.
Core Inflation
Based on the NBS, the nation’s Core inflation stood at 23.39% in April 2025 on a year-on-year foundation; it declined by 3.45% when in comparison with the 26.84% recorded in April 2024.
On a month-to-month foundation, the Core Inflation fee was 1.34% in April 2025, down by 2.39% in comparison with March 2025 (3.73%), the report revealed.
The common twelve-month annual inflation fee was 24.91% for the twelve months ending April 2025, which was 2.07% factors increased than the 22.84% recorded in April 2024.
City vs Rural inflation traits
The report revealed that city inflation stood at 24.29% year-on-year, 11.71 proportion factors decrease than the 36.00% recorded in April 2024.
Month-on-month, the city inflation fee dropped to 1.18% in April 2025, in comparison with 3.96% in March.
The twelve-month common for city inflation was 30.41%, barely increased than the 30.02% recorded in April 2024.
Rural inflation was reported at 22.83% year-on-year, an 8.81 proportion level drop from the 31.64% recorded in April 2024.
On a month-on-month foundation, rural inflation stood at 3.56%, down from 3.73% in March. The twelve-month common for rural inflation was 26.29%, barely decrease than the 26.38% recorded in the identical month final yr.
Meals inflation sees sharp decline
Meals inflation in April 2025 was 21.26% year-on-year, a big 19.27 proportion level drop from 40.53% in April 2024.
The NBS attributed this sharp decline largely to a base-year impact ensuing from a technique change.
Month-on-month, meals inflation declined barely to 2.06% in April from 2.18% in March.
The NBS famous that the drop was pushed by decreased costs in staple meals objects resembling maize flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.
What specialists stated:
A number of financial analysts had earlier predicted a slight easing of the inflation fee for April.
Head of Analysis at Afrinvest West Africa, Damilare Asimiyu, informed Nairametrics that the moderation was anticipated resulting from a beneficial base impact.
“April 2024 marked a big inflationary peak. On a year-on-year foundation, it will create a downward bias even when costs proceed to pattern upward on a month-to-month foundation,” Asimiyu famous.
Key drivers of inflation
Based on the NBS, the primary drivers of headline inflation on a year-on-year foundation had been:
- Meals & Non-Alcoholic Drinks – 9.49%
- Eating places and Lodging Companies – 3.06%
- Transport – 2.53%
- Housing, Water, Electrical energy, Fuel & Different Fuels – 2.00%
The Central Bank of Nigeria (CBN) is predicted to weigh this newest information forward of its upcoming three hundredth Financial Coverage Committee (MPC) assembly going down subsequent week.
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