Nigeria’s inflation rate slightly eased in April 2025, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS). Headline inflation stood at 23.71% year on year, down from 24.23% in March and significantly lower than 33.69% in April 2024. Month-on-month, inflation dropped to 1.86% in April from 3.90% the previous month, indicating a slower pace in price increases.
Despite the national drop, 10 states and the Federal Capital Territory recorded inflation rates above 30%, with Enugu topping the list at 36%. Others include Kebbi, Niger, Benue, Ekiti, Nassarawa, Zamfara, Delta, Gombe, Sokoto and Abuja. These high figures reflect continued pressure on household spending, especially in food and essential goods.
Enugu saw food inflation hit 24.4% in April, while Kebbi recorded 33.8% and Benue faced a steep 51.8% food inflation rate, largely due to insecurity affecting food supply. Month-on-month, Benue also experienced a staggering 25.6% rise in food prices.
Urban inflation remained high at 24.29%, while rural inflation dropped to 22.83% year-on-year. Food inflation nationwide slowed to 21.26% in April from 40.53% a year earlier, due to changes in the CPI base year and declining prices of staples like maize flour, yam flour and rice. Month-on-month food inflation also declined slightly to 2.06%.
Core inflation, which excludes food and energy prices, was 23.39% in April down from 26.84% last year. However, energy prices rose 13.6% month-on-month, indicating continued strain on cost of living.
Business leaders say the easing inflation has yet to positively affect small businesses. Dr. Femi Egbesola, President of the Association of Small Business Owners of Nigeria, said MSMEs still struggle with high input costs, weak demand, and limited access to finance. He urged the government to provide tax reliefs and low-interest loans to help businesses recover.
Similarly, leaders of the Organised Private Sector said it’s too early to feel any real impact from the report. For many Nigerians, especially in high inflation states, the cost of living remains burdensome despite the national figures.