Nigeria’s Headline Inflation Falls by 0.52% in April 2025 After Rebase

Nigeria’s headline inflation rate dropped by 0.52% in April 2025 to 23.71%, according to newly rebased data released by the National Bureau of Statistics (NBS). This marks a notable shift in the country’s inflation reporting, following a recent overhaul of the Consumer Price Index (CPI) calculation system.

According to the NBS, “the Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month.” However, despite the CPI rise, headline inflation—which measures the average change in the prices of goods and services—eased month-on-month.

“In April 2025, the Headline inflation rate eased to 23.71% relative to the March 2025 headline inflation rate of 24.23%,” NBS said.

This latest release is the first to reflect Nigeria’s updated inflation framework. The NBS noted that it “recently rebased the CPI to replace outgoing reference periods (2009).” It added that the update “aligns the price and weight reference periods with the current economic environment,” allowing for more accurate and relevant tracking of price changes.

The new base year for price comparison is 2024, while the updated weight reference period is 2023. The inflation basket now includes 934 product varieties grouped into 13 divisions under the COICOP 2018 framework.

On a yearly basis, headline inflation dropped significantly.

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“The Headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69%).” On a monthly basis, “the Headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%).”

NBS emphasized that the updated CPI structure “ensures accurate price tracking across different sectors and regions,” enhancing the value of inflation data for policymaking and economic analysis.