Nigeria’s headline inflation rate has slowed down for the first time in recent months, offering some relief to consumers.

According to the National Bureau of Statistics (NBS), the inflation rate eased by 52 basis points to 23.71% year-on-year in April, down from 24.23% in March.

Key Nigeria’s headline inflation rate slowed to 23.71% year on year in April, down from 24.23% in March.

Food inflation also declined, easing by 53 basis points to 21.26% year-on-year in April, down from 21.79% in March.

Core inflation, which excludes farm produce and energy, dropped by 105 basis points to 23.39% year-on-year in April, down from 24.43% in March.

The month-on-month inflation rate moderated to 1.86% in April, down from 3.90% in March.

The decrease in food prices was attributed to lower prices of staple foods such as maize flour, wheat grain, and rice.

The decline in inflation rates offers some respite to consumers and could signal a positive trend in the economy.

However, sustained efforts are needed to maintain this momentum and address the underlying drivers of inflation.