The National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation rate climbed to 33.69% in April 2024, up from 33.20% in March 2024.
This marks a month-over-month increase of 0.49 percentage points, as reported in the latest Consumer Price Index.
Year-over-year data reveals a substantial rise, with April 2024’s inflation rate 11.47 percentage points higher than the 22.22% recorded in April 2023. This indicates a significant annual increase in the headline inflation rate.
However, the month-to-month inflation rate for April 2024 was 2.29%, 0.73 percentage points lower than the 3.02% recorded in March 2024, suggesting a slower rate of price increases in April compared to March.
The report stated, “In April 2024, the headline inflation rate increased to 33.69% from 33.20% in March 2024, showing an increase of 0.49 percentage points month-over-month. Year-on-year, the inflation rate rose by 11.47 percentage points from 22.22% in April 2023. ”
Food inflation also saw a decrease, dropping by 1.11 percentage points.
The month-to-month food inflation rate for April 2024 was 2.50%, down from 3.62% in March 2024, driven by a slower rate of increase in the average prices of basic food commodities.