Nigeria's inflation rate recorded a slight drop in April 2025, easing to 23.71 percent from 24.23 percent in March, according to new figures released by the National Bureau of Statistics (NBS).
The update, contained in the April Consumer Price Index (CPI) published on Thursday, shows a month-on-month decrease of 1.86 percent, signaling a potential cooling of persistent inflationary pressures that have impacted households and businesses across the country.
The food inflation rate for April also saw a decline, standing at 21.26 percent year-on-year, a relief for millions of Nigerians grappling with soaring food prices in previous months.
“In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent. The MoM headline inflation rate in April was 1.86 percent. The food inflation rate was 21.26 percent (YoY),” the NBS announced via its official X (formerly Twitter) handle.
This positive shift comes just days ahead of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting scheduled for May 19 and 20, where policymakers are expected to review the latest economic data to determine the next course of action regarding interest rates.
Analysts believe the easing inflation figures could influence the MPC’s decisions, especially after the CBN paused interest rate hikes in February when inflation temporarily dropped. However, with core inflation still high and cost-of-living pressures ongoing, some economists caution that the CBN may still lean toward tightening monetary policy further.
Recall that Nigeria’s inflation spiked to 24.23 percent in March, the highest level since the CPI was rebased in January 2025. The recent easing, though marginal, may signal the beginning of a gradual stabilization in the economy.