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Nigeria’s annual inflation rate fell to 23.71% in April 2025, from 24.23% in the prior month. Food inflation, the largest component of the inflation basket, remained elevated but moderated to 21.26% from 21.79% in March, mainly on account of prices of some items such as maize, wheat, yam and wheat. Core inflation, which strips out the volatile prices of agricultural produce and energy, stood at 23.39%, slowing from March's 24.43%. On a monthly basis, consumer prices rose by 1.86%, following a 3.90% increase in the prior month.