Nigeria’s headline inflation rate rose to 33.69% in April 2024, up from 33.20% in March 2024, according to the National Bureau of Statistics.
This represents a 0.49% increase month-over-month and an 11.47% increase year-over-year, indicating a significant rise in inflation over the past year.
The report states, “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…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.”
Additionally, the month-to-month inflation rate slowed to 2.29% in April 2024, down from 3.02% in March 2024.
The report notes, “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).”
Food inflation also decreased by 1.11% due to a fall in the rate of increase in basic food prices.
The report states, “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).”
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