Nigeria’s Inflation Rises to 33.69%

Nigeria’s headline inflation rate climbed to 33.69% in April 2024, up from 33.20% in March, according to the National Bureau of Statistics (NBS).

This increase of 0.49 percentage points was highlighted in the Consumer Price Index report released on Wednesday. When comparing year-on-year figures, the inflation rate in April 2024 was 11.47 percentage points higher than the 22.22% recorded in April 2023, indicating a significant rise over the past year.

On a month-to-month basis, the inflation rate for April 2024 was 2.29%, 0.73 percentage points lower than the 3.02% recorded in March 2024. This suggests 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 the March 2024 rate of 33.20%. This marks a 0.49 percentage point rise month-over-month.

Year-on-year, the headline inflation rate was 11.47 percentage points higher in April 2024 compared to 22.22% in April 2023, showing a notable increase over the year.”

Additionally, food inflation decreased by 1.11 percentage points due to a slower rate of price increases for basic food commodities. “On a month-to-month basis, the food inflation rate in April 2024 was 2.50%, down 1.11 percentage points from 3.62% in March 2024. This decrease was driven by a reduced rate of price increases in average food prices,” the report added.