May 15, 2025/CSL Research

• According to data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation eased slightly to 23.7% year-on-year in April, compared to 24.2% in March.
• Likewise, both core and food inflation moderated in April, easing to 23.4% and 21.3% respectively, from 24.4% and 21.8% in the previous month.
• The dip in core inflation in April marks its first decrease this year, defying expectations of an uptick amid recent currency pressures.
• Noteworthy, there was a significant decline in month-on-month inflation figures in April across the major indices, with core inflation falling to 1.3% from 3.7% in March. Headline inflation also eased to 1.9% from 3.9%, while food inflation declined to 2.1%, down from 2.2% in the previous month.