- By Halimah Olamide
The National Bureau of Statistics (NBS), has said that Nigeria’s inflation rate hit 33.69% in the month of April compared to that of March with 33.20%.
This was contained in its latest Consumer Price Index (CPI) report released 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.
Similarly, 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.
According to NBS, it reflects that the rate at which prices increased in April 2024 was slower than the rate in March 2024.
“Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline in flation rate.
“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.” The report read.