Nigeria’s Inflation Rate Hits 33.69% In April 2024

Nigeria’s inflation rate accelerated to 33.69% in April 2024 compared to the March 2024 headline inflation rate of 33.20%.

This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday.

“In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%,” the Bureau said in its report.

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