Nigeria’s Headline Inflation Drops to 23.71%

Nigeria’s Headline Inflation Drops to 23.71%

Nigeria’s headline inflation rate fell to 23.71% in April, according to consumer price index report released by the National Bureau of Statistics (NGX) today. The inflation reading reversed trend saw in March.

Based on the rebased consumer price index, Nigeria’s headline inflation eased by 52 basis points to 23.71% year on year in April from 24.23% in March 2025. On a month-on-month basis, consumer prices moderated to 1.86% as against 3.90% reported in March.

Food inflation slowed by 53bps to 21.26% y/y from 21.79% y/y in March. On a month-on-month basis, food inflation eased by 12bps to 2.06% from 2.18% month on month, attributed to the decrease in the average prices of Maize (Corn) Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara beans, Brown Beans, etc.

Similarly, core inflation – all items excluding farm produce and energy- declined by 105bps to 23.39% y/y in April from 24.43% y/y.  On a month-on-month basis, the core index moderated sharply by 239bps to 1.34% m/m (March: 3.73% m/m).