Nigeria’s inflation hits 33.69%

Nigeria’s headline inflation rate has increased to 33.69 per cent in April 2024 up from 33.20 per cent recorded in March 2024. The headline inflation increases by 0.49 per cent looking at the movement in April 2024 compared to March 2024, while on a month-to-month basis, the inflation rate for April 2024 is 0.73 per cent lower than the 3.02 per cent recorded in March 2024 according to the data from NBS.

The headline inflation rate has risen consistently over the year. On a year-on-year comparison, the inflation rate in April 2024 was 11.47 percentage points higher than in April 2023, where it stood at 22.22 per cent. This suggests that the rate at which prices increased in April 2024 was slower than the rate in March 2024.
The Food inflation rate recorded in April 2024 was 2.50 per cent while that of March was 3.62 per cent. This shows that Food inflation reduced by 1.12 per cent on a monthly change. This is caused by a fall in the rate of increase in the average prices of basic food commodities. However, according to the data from NBS, food inflation rate in April 2024 was 40.53 per cent on a year-on-year basis, which was 15.92 percent points higher compared to the 24.61 percent rate recorded in April 2023

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