Nigeria’s Inflation Rate Declines to 23.7% in April – NBS

Nigeria’s inflation rate dropped to 23.7% in April 2025, down from 24.23% recorded in March, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday.

The data indicates a month-on-month decline of 1.86%, signaling a moderate easing of price pressures in the economy.

Food inflation also saw a decrease, with a year-on-year rate of 21.26% in April.

“In April 2025, the headline inflation rate eased to 23.71% compared to 24.23% in March. The month-on-month rate was 1.86%, while food inflation stood at 21.26%,” the NBS announced via its official X (formerly Twitter) account.

This update comes ahead of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meeting scheduled for May 19–20, 2025.

The inflation rate had previously surged in March, marking the highest point since the CPI was rebased in January 2025. The Central Bank had paused interest rate hikes in February following a brief decline in inflation, and the latest figures may influence upcoming monetary policy decisions.