Nigeria’s inflation rate continues it upward swing, surging to 33.69 per cent in April despite the considerable gains of the currency, Naira, in the official foreign exchange market. This means that the prices of goods and services kept its escalation mood in almost one year.
According to data from the National Bureau of Statistics (NBS), the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20 percent.
It noted that the movement of inflation in April showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.
According to the Consumer Price Index (CPI) report: ” In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20 per cent. Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate. Related News
“On a year-on-year basis, the headline inflation rate was 11.47 per cent points higher compared to the rate recorded in April 2023, which was 22.22 per cent. This shows that the headline inflation rate (year-on-year basis) increased in April 2024 when compared to the same month in the preceding year (i.e., April 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 (3.02 per cent). This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”
“Food inflation however reduced by 1.11 per cent caused by a fall in the rate of increase in the average prices of basic food commodities.
“On a month-on-month basis, the Food inflation rate in April 2024 was 2.50% which shows a 1.11 per cent decrease compared to the rate recorded in March 2024 (3.62 per cent). The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices.”
