NIGERIA’s inflation eased to 23.71 per cent in April, from 24.23 per cent in March.

The National Bureau of Statistics (NBS) reported this in its monthly Consumer Price Index (CPI) report released on Thursday, May 15.

It shows that inflationary pressure decreased by 0.52 per cent in the review month relative to the figure it reported in March.

On a year-on-year basis, the inflation rate was 9.99 per cent lower than the 33.69 per cent recorded in April 2024.

On a month-on-month basis, the headline inflation dropped to 1.86 per cent in April, from 3.90 per cent in March.

The NBS further reported that the urban inflation rate eased to 24.29 per cent in April 2025 compared to 36.00 per cent in April 2024, while it also dropped on a month-on-month basis to 1.18 per cent in April from 3.96 in March.

Rural inflation also dropped in April to 22.83 per cent on a year-on-year basis compared to 31.64 per cent in April 2024. It also dropped to 3.56 per cent from 3.73 per cent on a month-on-month basis.

A further look at the report shows that food inflation eased to 21.26 per cent compared to 40.53 per cent on a year-on-year basis.

The food inflation rate also dropped to 2.06 per cent relative to 2.18 per cent on a month-on-month basis.

The statistics office attributed the drop to the rate of decrease in the average prices of maize flour, wheat grain, okro dried, yam flour, soya beans, rice, bambara beans, and brown beans.

The latest figure marks a modest decline of 0.52 percentage points, offering a glimmer of hope amid persistent economic challenges and rising cost-of-living pressures across the country.

The ICIR can report that the moderate inflation figure witnessed since January this year followed the rebasing exercise from the NBS.

In January, the statistics office went into a rebasing of the CPI in which the items in its reference basket were reweighted and updated with a comparison period from 2009 to 2024.

The Statistician General and Chief Executive Officer of NBS, Adeyemi Adeniran, had said, “It’s done to absorb the new ministries that the new government just created, upgrade the Consumer Price Index (CPI) basket, and change the methodology of CPI and gross domestic product (GDP).”