Food market
Nigeria’s Inflation Drops Slightly to 23.71% in April 2025
The National Bureau of Statistics (NBS) reported a marginal decline in Nigeria’s headline inflation rate to 23.71% in April 2025, down from 24.23% in March.
In its latest Consumer Price Index (CPI) report released on Thursday, the NBS noted a 0.52% decrease in the headline inflation rate compared to the previous month. On a month-on-month basis, inflation stood at 1.86% in April, significantly lower than March’s 3.90%.
Food inflation also saw a notable drop, falling to 21.36% year-on-year—a sharp decline from 40.53% in April 2024. The NBS attributed this decrease partly to a change in the base year calculation. Month-on-month food inflation eased to 2.06% in April from 2.18% in March, driven by lower prices of staples like maize flour, wheat, rice, and beans.
State-by-state analysis revealed Benue (51.76%), Ekiti (34.05%), and Kebbi (33.82%) as the worst-hit by food inflation year-on-year, while Ebonyi (7.19%), Adamawa (9.52%), and Ogun (9.91%) recorded the slowest increases. However, on a monthly basis, Benue (25.59%), Ekiti (16.73%), and Yobe (13.92%) saw the highest spikes, while Ebonyi (-14.43%), Kano (-11.37%), and Ogun (-7.06%) experienced deflation in food prices.
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