Inflation Eases to 23.71%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and services, eased to 23.71 per cent in April compared to 24.23 per cent in March, the National Bureau of Statistics (NBS) said Thursday.

Using the 2009 base year, pre-rebasing, headline inflation stood at 9.99 per cent, year-on-year, compared to 33.69 per cent in
April 2024.

According to the CPI report for April 2025, which was released by the statistical agency, month-on-month, inflation stood at 1.86 per cent in April from 3.90 per cent in March.

Food inflation declined year on year in April to 21.26 per cent compared to 40.53 per cent in April 2024.

According to the NBS, the significant decline in the food annual inflation was technically due to the change in the base year for CPI estimation.

However, on a month-on-month basis, the food index dropped to 2.06 per cent from 2.18 per cent in March.

The decrease in food prices was attributed to the rate of decrease in the average prices of maize flour, okro dried, yam flour, soya beans, rice, bambara beans, and brown beans among others.

Core inflation, which excludes the prices of volatile agricultural produces and energy declined to 23.39 per cent year-on-year in April compared to 26.84 per cent in April 2024.