Nigeria’s headline inflation rate declined slightly to 23.71 per cent in April 2025, down from 24.23 per cent recorded in March, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday.
The NBS noted that the 0.52 percentage point drop indicates a modest easing of inflationary pressures in Africa’s largest economy.
On a month-on-month basis, the headline inflation rate stood at 1.86 per cent in April, a significant decrease from the 3.90 per cent recorded in March.
Food inflation, a major contributor to the overall inflation figure, also saw a decline. The year-on-year food inflation rate fell to 21.36 per cent in April from 21.79 per cent in March. This decrease was attributed to slower increases in the prices of staple food items.
The NBS attributed the overall decline in inflation to the recent rebasing of the CPI, which updated the base year and adjusted the inflation basket. This rebasing led to a significant drop in reported inflation from 34.80 per cent in December 2024 to 24.48 per cent in January 2025.
Despite the slight relief, inflation remains a pressing concern for many Nigerians, especially those in urban areas where the cost of living is higher.
The Central Bank of Nigeria (CBN) has maintained a tight monetary policy stance to curb inflation, keeping the benchmark interest rate at 27.50 per cent.
Looking ahead, the International Monetary Fund (IMF) projects that Nigeria’s headline inflation will average 26.5 per cent in 2025, following the recent rebasing of the CPI by the NBS.
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