Nigeria’s inflation rate accelerates to 33.69% in April

Omeiza Bilal

In April 2024, the headline inflation rate increased to 33.69 per cent relative to March 2024 headline inflation rate which was 33.20 per cent, the National Bureau of Statistics (NBS), has said.

In its CPI and Inflation Report for April 2024, the statistics bureau stated that the headline inflation rate showed an increase of 0.49 percentage points when compared to the rate in March 2024.

On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%. This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%). This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.

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