Good News for Nigerians as Inflation Rate Drops, New Prices for Beans, Rice Emerge
- The National Bureau of Statistics has announced a decline in headline and food inflation rates for April
- For the month of April 2025, all Items inflation rate on a year-on-year basis was highest in Enugu, Kebbi, and Niger
- While food inflation on a year-on-year basis was highest in Benue, Ekiti and Kebbi; Ebonyi, Adamawa, and Ogun recorded the lowest
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics has announced that Nigeria's headline inflation rate, which measures the cost of goods and services over a period, eased to 23.71% in April 2025.
This represents a 0.52% decrease when compared to the 24.23% recorded in March 2025.
Source: Getty Images
The NBS disclosed this in its consumer price index (CPI) report released for April 2025 on Thursday, May 15, 2025.
Details of the NBS inflation report
According to NBS, on a month-on-month basis, the headline inflation rate in April 2025 was 1.86%, which was 2.04 percentage points lower than the rate recorded in March 2025 (3.90%).
This means that the rate of increase in the average price level in April 2025 was slower than in March 2025.
On a year-on-year basis, the headline inflation rate was 9.99 percentage points lower than the rate recorded in April 2024 (33.69%).
This indicates that the Headline inflation rate (year-on-year) decreased in April 2025 compared to the same month in 2025.
Urban inflation
On a year-on-year basis, in April 2025, the urban inflation rate was 24.29%, which was 11.71 percentage points lower than the 36.00% recorded in April 2024.
On a month-on-month basis, the Urban inflation rate was 1.18% in April 2025, representing a decrease of 2.78 percentage points compared to 3.96% in March 2025.
Rural inflation
The rural inflation rate in April 2025 was 22.83% on a year-on-year basis, which was 8.81 percentage points lower than the 31.64% recorded in April 2024.
On a month-on-month basis, the Rural inflation rate in April 2025 was 3.56%, representing a decline of 0.17 percentage points compared to 3.73% in March 2025.
Source: Facebook
Food Inflation drops
Food inflation in April 2025 was 21.26% year-on-year, a significant 19.27 percentage point drop from 40.53% in April 2024.
The NBS attributed this sharp decline largely to a base-year effect resulting from a methodology change.
Month-on-month, food inflation declined slightly to 2.06% in April from 2.18% in March.
The report reads:
"The decrease can be attributed to the rate of decrease in the average prices of Maize (Corn) Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara beans, Brown Beans, etc."
Prices of beans, rice, other food items crash by 40%
Earlier, Legit.ng reported that as Nigerians rejoiced over the crash in food prices, grain hoarders cried over a 40% dip in food costs between December 2024 and March 2025.
Findings showed that grain prices fell, as a 50kg bag of beans sold for N100,000 in December, now sells for N75,000 and N85,000
Also, rice prices crashed from N100,000 in December to N52,000 or lower, depending on the brand and location.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
