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NEWS

Nigeria’s Inflation Hits 33.69%

May 15, 2024 • 2 min read

15th May 2024

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 National Bureau of Statistics has said.

This represents a month-over-month increase of 0.49 per cent points in the headline inflation rate, according to the Consumer Price Index report, the NBS stated in a report on Wednesday.

Comparing year-on-year data, 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 indicates that the headline inflation rate has risen significantly over the past year.

Additionally, on a month-to-month basis, the inflation rate for April 2024 was 2.29 per cent, which is 0.73 per cent lower than the 3.02 per cent recorded in March 2024. This suggests that the rate at which prices increased in April 2024 was slower than the rate in March 2024.

The report reads, ” 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. Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.

“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. This shows that the headline inflation rate (year-on-year basis) increased in 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 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 (3.02 per cent). This means that in 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.”

Food inflation, however, reduced by 1.11 per cent caused by a fall in the rate of increase in the average prices of basic food commodities.

“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). The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices”, the statement reads.