May 16, 2025/CSL Research
- According to the latest data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation eased slightly to 23.7% year-on-year (y/y) in April, 52 basis points lower than the 24.2% recorded in March.
- We highlight that the main contributors to the rise in the Consumer Price Index (CPI) in April were food and non-alcoholic beverages, restaurants and accommodation services, and transportation.
- These categories contributed approximately 9.5%, 3.1%, and 2.5% respectively, together accounting for around 63.6% of the total inflation increase.
- However, our estimates – based on the published data – indicate lower contribution levels than those reported, raising concerns about the accuracy of the CPI component breakdown.
- While we expect average inflation to be significantly lower this year compared to 2024, recent data has yet to show a clear and sustained downward trend.
- Consequently, we expect the MPC to keep its policy rate steady at the upcoming meeting scheduled for next Monday and Tuesday.
Kindly click on the below link to download the full report.
CSL Macro Report – April 2025 Inflation.pdf
