Nigeria’s inflation rate drops to 23.7%

The National Bureau of Statistics (NBS) has announced that Nigeria’s headline inflation rate dropped to 23.71 per cent in April 2025.

The NBS announced this via its Consumer Price Index (CPI) released on Thursday, May 15, 2025.

The bureau stated that Nigeria’s inflation rate reduced from the 24.23 per cent recorded in March 2025.

It noted that the headline inflation rate showed a decrease of 0.52% compared to the March 2025 headline inflation rate.

The NBS said that on a month-on-month basis, the headline inflation rate in April 2025 was 1.86 per cent, which was 2.04 per cent lower than the rate recorded in March 2025, which was 3.90 per cent.

The NBS said the increase in the headline index for April 2025 was attributed to the increase in some items in the basket of goods and services at the divisional level.

It stated that the three major contributors to the headline inflation were food and non-alcoholic beverages at 9.49 per cent, restaurants and accommodation services at 3.06 per cent, and transport at 2.53 per cent.

The bureau disclosed that the least contributors were alcoholic beverages, tobacco, and narcotics at 0.09 per cent, recreation, sport, and culture at 0.07 per cent.

The NBS noted that the food inflation rate in April 2025 was 21.26 per cent on a year-on-year basis.

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It said on a month-on-month basis, the food inflation rate in April was 2.06 per cent, which decreased by 0.12 per cent compared to the 2.18 per cent recorded in March.

The NBS said the decrease in food inflation was attributed to the reduction in average prices of items such as maize (corn) flour, wheat grain, yam flour, soya beans, rice, and beans, among others

The NBS stated that on a year-on-year basis in April 2025, the urban inflation rate was 24.29 per cent.

“On a month-on-month basis, the urban inflation rate was 1.18 in April 2025, which decreased by 2.78 per cent compared to March at 3.96 per cent,” the bureau revealed.

It said the rural inflation rate in April was 22.83 per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 3.56 per cent in April, which decreased by 0.17 per cent compared to March at 3.73 per cent,” the NBS noted.

On states’ profile analysis, the NBS said all items’ inflation rate on a year-on-year basis was highest in Enugu at 35.98 per cent, followed by Kebbi at 35.13 per cent, and Niger at 34.85 per cent.

It said the slowest rise in headline inflation on a year-on-year basis was recorded in Ondo at 13.43 per cent, followed by Cross River at 17.11 per cent, and Kwara at 17.28 per cent.

The NBS added that in April 2025, all items inflation rate on a month-on-month basis was highest in Sokoto at 16.26 per cent, followed by Nasarawa at 16.02 per cent, and Niger at 14.74 per cent.

“Oyo at -6.45 per cent, followed by Osun at -4.54 per cent, and Ondo at -3.44 per cent recorded the slowest rise in month-on-month inflation,” the bureau said.

The Star