Inflation rate drops to 23.71%

Nigerias headline inflation rate declined to 23.71% in April 2025, down from 24.23% recorded in March, according to new data released by the National Bureau of Statistics (NBS).  The report indicates a decrease of 0.52% in the monthly inflation rate, reflecting a slowdown in the pace at which prices are rising across the country. On a year-on-year basis, the April 2025 figure is 9.99% lower than the 33.69% recorded in April 2024. This shows that the Headline inflation rate (year-on-year basis) decreased in April 2025 compared to the same month in the preceding year (i.e., April 2024), though with a different base year, November 2009 = 100, the NBS noted. The month-on-month headline inflation for April stood at 1.86%, which is a significant drop from the 3.90% recorded in March 2025. This means that in April 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in March 2025, the agency explained. Food inflation, a critical component of the overall inflation rate, also saw notable improvements. On a year-on-year basis, food inflation fell to 21.26% in April 2025, a sharp drop of 19.27 percentage points from the 40.53% reported in April 2024. The NBS attributed this to changes in the base year, stating, The significant decline in the food annual inflation figure is technically due to the change in the base year. Month-on-month food inflation was recorded at 2.06% in April, slightly down from 2.18% in March. The decrease was linked to falling average prices in staple food items such as maize flour, wheat grain, okro, yam flour, soya beans, rice, Bambara beans, and brown beans. The average annual rate of Food inflation for the twelve months ending April 2025 over the previous twelve-month average was 31.43%, which was 1.31% points lower compared with the average annual rate of change recorded in April 2024 (32.74%), the NBS concluded.The post Inflation rate drops to 23.71% appeared first on Linda Ikeji Blog.