May 15, 2025/Cordros Update

Based on the rebased CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation eased by 52bps to 23.71% y/y in April (March: 24.23% y/y). On a month-on-month basis, consumer prices moderated to 1.86% (March: 3.90% m/m).

Food inflation slowed by 53bps to 21.26% y/y (March: 21.79% y/y). On a month-on-month basis, food inflation eased by 12bps to 2.06% (March: 2.18% m/m), attributed to the decrease in the average prices of Maize (Corn) Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara beans, Brown Beans, etc.

Similarly, core inflation (all items excluding farm produce and energy) declined by 105bps to 23.39% y/y in April (March: 24.43% y/y). On a month-on-month basis, the core index moderated sharply by 239bps to 1.34% m/m (March: 3.73% m/m).