Nigeria’s inflation rate up 0.49% to 33.69% in April 2024

The Nigeria Bureau of Statistics (NBS) has disclosed that in April 2024, the headline inflation rate increased by 0.49% points to 33.69% from 33.20% in March 2024.

When compared year-over-year data, the rate of inflation in April 2024 was 11.47% greater than that of April 2023 (22.22%). This suggests that throughout the previous year, there has been a notable increase in the headline inflation rate.

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Additionally, the month-to-month inflation rate for April 2024 was 2.29 percent, a decrease of 0.73% from the 3.02 percent rate reported in March 2024. This implies that prices climbed in April 2024 at a slower rate than they did in March 2024.

This is a developing story. Details will be provided in follow up reports….

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