Nigeria’s inflation hits 33.69%

In April 2024, Nigeria's headline inflation rate rose to 33.69%, up from 33.20% in March 2024, as reported by the National Bureau of Statistics.

This represents a 0.49% increase in the headline inflation rate from the previous month, according to the Consumer Price Index report released by the NBS on Wednesday.

When comparing year-on-year data, the inflation rate in April 2024 was 11.47 percentage points higher than in April 2023, where it was at 22.22%.

 This indicates a significant increase in the headline inflation rate over the past year.

Moreover, the month-to-month inflation rate for April 2024 was 2.29%, which is 0.73% lower than the 3.02% recorded in March 2024. This suggests that the rate of price increase in April 2024 was slower than in March 2024.

Additionally, food inflation decreased by 1.11% due to a decline in the rate of increase in the average prices of essential food items.