Nigeria's inflation rate has dropped to 23.71 percent in April 2025, down from 24.23 percent recorded in March, according to data released by the National Bureau of Statistics (NBS) on Thursday.

The latest Consumer Price Index (CPI) figures show that inflation cooled off by 1.86 percent on a month-on-month basis, signaling a potential easing of economic pressure on Nigerian households and businesses.

"In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent," the NBS stated in an announcement on its X (formerly Twitter) account.

The bureau further reported that food inflation, a critical metric for most Nigerian households, stood at 21.26 percent year-on-year for April 2025.

This latest inflation data comes at a significant time, just days ahead of the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) meeting scheduled for May 19-20, 2025. The committee's decisions on interest rates and other monetary policy tools are likely to be influenced by this inflation trend.

Economic analysts note that this is the first decline in inflation since the Consumer Price Index was rebased in January 2025. In March, inflation had risen to 24.23 percent, putting additional pressure on the economy.

The CBN had previously paused interest rate hikes in February following an earlier drop in inflation. With this new decrease, financial experts are watching closely to see if the apex bank will maintain current rates or consider adjustments to further support economic stability.

The decline in inflation rate could potentially provide some relief to consumers who have been grappling with rising costs of goods and services over the past year, though food prices remain a significant concern with inflation in that sector still above 21 percent.