Nigeria’s inflation rate dropped for the first time in several months, falling to 23.71% in April 2025 from 24.23% in March, according to the National Bureau of Statistics (NBS).
This decline comes with the launch of a new inflation calculation method using 2024 as the base year. Monthly inflation also slowed sharply to 1.86% in April, down from 3.90% in March, suggesting a slowdown in price increases.
Food prices, which have the biggest impact on household spending, also rose more slowly. Food inflation was 21.26% year-on-year, and just 2.06% month-on-month in April, helped by falling prices of items like maize flour, yam flour, rice, and beans.
Core inflation (excluding food and energy) also dropped to 23.39% year-on-year, with a steep monthly fall to 1.34%.
New data from the rebased index showed the following inflation breakdowns:
Farm produce: 2.64%
Energy: 9.21%
Services: 3.44%
Goods: 3.89%
Urban vs Rural:
Urban inflation was 24.29%, while rural was 22.83%. However, monthly inflation in urban areas dropped sharply to 1.18%, while rural areas saw a slight decline to 3.56%.
State-by-State Highlights:
Highest yearly inflation: Enugu (35.98%), Kebbi (35.13%), Niger (34.85%)
Lowest yearly inflation: Ondo (13.43%), Cross River (17.11%), Kwara (17.28%)
Steepest monthly surges: Sokoto (16.26%), Nasarawa (16.02%), Niger (14.74%)
Monthly drops: Oyo (-6.45%), Osun (-4.54%), Ondo (-3.44%)
Food Inflation by State:
Highest yearly: Benue (51.76%), Ekiti (34.05%), Kebbi (33.82%)
Highest monthly: Benue (25.59%), Ekiti (16.73%), Yobe (13.92%)
Sharpest monthly declines: Ebonyi (-14.43%), Kano (-11.37%), Ogun (-7.06%)
Overall, the drop in inflation offers slight relief, especially in food prices, but inflation pressures remain uneven across states.
