Nigeria’s Inflation rate ease to 23.71% for April 2025
The National Bureau of Statistics(NBS) has said that the April 2025 headline inflation rate eased to 23.71% as against the March rate of 24.23%.
According to the latest report, the development represents a decrease of 0.52% from March 2025.
Prince Adeyemi Adeniran, the Statistician General of the Federation and Chief Executive officer in a signed statement said the report is based on a new consumer price index (CPI) base year of 2024, with 2023 as the reference period for expenditure weights.
Contributions to Headline Inflation:
At the divisional level, the three major contributors to the headline inflation were Food and non-alcoholic Beverages: 9.49%, Restaurants & Accommodation Services: 3.06%, and Transport: 2.53%; while the least contributors were Alcoholic Beverages, Tobacco, and Narcotics: 0.09%, Recreation, Sport, and Culture: 0.07%.
On a month-on-month basis, the headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%).
Food Inflation Rate:
The food inflation rate in April 2025 was 21.26% on a year-on-year basis. On a month-on-month basis, the food inflation rate in April 2025 was 2.06%, a decline of 0.12% compared to March 2025 (2.18%). The decrease can be attributed to the reduction in average prices of items such as Maize (Corn) Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara beans, Brown Beans etc.
Core Inflation Rate:
Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 23.39% in April 2025 on a year-on-year basis. On a month-on-month basis, the core inflation rate was 1.34% in April 2025, down by 2.39% compared to March 2025 (3.73%).
The newly introduced indices:
The inflation rate of the newly introduced sub-index is:
Farm Produce: 2.64%, Energy: 9.21%, Services: 3.44%, and Goods: 3.89%
Urban and Rural Inflation Rates:
On a year-on-year basis, the urban inflation rate in April 2025 was 24.29%. On a month-on-month basis, the urban inflation rate was 1.18% in April 2025, a decrease of 2.78% compared to March 2025 (3.96%).
The rural inflation rate in April 2025 was 22.83% on a year-on-year basis. On a month-on-month basis, the rural inflation rate in April 2025 was 3.56%, a fall of 0.17% compared to March 2025 (3.73%)
State-Level Analyses:
The all-item index for April 2025, on a year-on-year basis, was highest in Enugu (35.98%), Kebbi (35.13%), and Niger (34.85%), while Ondo (13.43%), Cross River (17.11%), Kwara (17.28%) recorded the lowest rise in headline inflation on a year-on-year basis. On a month-on-month basis, April 2025 recorded the highest increases in Sokoto (16.26%), Nasarawa (16.02%), Niger (14.74%), while Oyo (-6.45%), Osun (-4.54%) and Ondo (-3.44%) recorded declines in month-on-month inflation.
State-level analyses of the food index in April 2025 show that food inflation on a year-on-year basis was highest in Benue (51.76%), Ekiti (34.05%), Kebbi (33.82%), while Ebonyi (7.19%), Adamawa (9.52%), and Ogun (9.91%) recorded the slowest rise in food inflation on a year-on-year basis. On a month-on-month basis, however, April 2025 food inflation was highest in Benue (25.59%), Ekiti (16.73%), and Yobe (13.92%), while Ebonyi (-14.43%), Kano (-11.37%) and Ogun (-7.06%) recorded declines in food inflation on a month-on-month basis.
