United States inflation has cooled off to 2.3 percent in April, marking the lowest rate since February 2021, as Nigeria prepares to release its own April Consumer Price Index (CPI) figures.

According to data released on Tuesday by the Bureau of Labour Statistics, US consumer prices rose by 0.2 percent in April, resulting in an annual inflation drop from 2.4 percent in March to 2.3 percent in April 2024.

The latest US inflation figures represent positive economic data for President Donald Trump's administration, which may highlight these results as evidence of easing price pressures. One notable contributor to the cooling inflation was a significant drop in egg prices, with BLS data showing the average price of a dozen Grade A eggs falling from $6.23 to $5.12.

Meanwhile, Nigerians are awaiting the release of the country's April inflation data, scheduled for Thursday, May 15, 2025. Nigeria's inflation rate had previously increased to 24.23 percent in March from 23.18 percent recorded in February.

The World Bank has projected that Nigeria's inflation will average 22.1 percent in 2025, according to its Nigeria Development Update report released on Monday. This forecast suggests a potential easing of inflationary pressures in the country compared to current levels.

The contrasting inflation situations between the United States and Nigeria highlight the different economic challenges faced by both nations, with the US seeing inflation trending closer to its target rate while Nigeria continues to battle high inflation figures.

Economic analysts will be closely monitoring Nigeria's upcoming inflation report to assess whether the country is making progress in its efforts to control rising prices, which have significantly impacted the cost of living for Nigerian citizens over the past year.