May 16 (Lagos) - Nigeria’s headline inflation rate fell to 23.71% in April 2025, down from 24.23% in March, according to the National Bureau of Statistics (NBS). This 0.52 percentage point decline reflects a gradual easing of price pressures, driven primarily by reduced costs of staple foods.
Food inflation dropped to 21.26% year-on-year (from 21.79% in March), with monthly food inflation easing slightly to 2.06% (from 2.18%). The year-on-year comparison revealed a 9.99% improvement over April 2024’s 33.69%, partly due to the NBS rebasing the Consumer Price Index (CPI) to reflect updated spending patterns.
The CPI rose to 119.52, an increase of 2.18% month over month, signaling persistent but slower price growth. Core inflation (excluding volatile agricultural and energy costs) also showed improvement, declining to 23.39% annually (from 24.43% in March).
On a monthly basis, core inflation moderated sharply to 1.34% (from 3.73%), indicating
reduced underlying price pressure.
Stocks responded positively to the news yesterday with consumer good stocks like
NESTLE ,
HONYFLOUR and
NNFM all up 10% in hopes of higher demand.