JUST IN: Nigeria’s inflation hits 33.69%

According to the National Bureau of Statistics, Nigeria's headline inflation rate rose from 33.20 percent in March 2024 to 33.69 percent in April 2024.

According to the Consumer Price Index report, this indicates a 0.49 percentage point increase in the headline inflation rate month over month, the NBS said in a report on Wednesday.

In April 2024, the rate of inflation was 11.47 percentage points greater than it was in April 2023, when it was 22.22 percent, according to year-over-year figures. This suggests that throughout the previous year, there has been a notable increase in the headline inflation rate.

According to the data, "The headline inflation rate increased to 33.69% in April 2024 compared to 33.20 percent in March 2024." In terms of movement, the headline inflation rate for April 2024 increased by 0.49% points from the headline inflation rate for March 2024.Comparing the headline inflation rate to the rate reported in April 2023, which was 22.22 percent, year over year, it was 11.47 percent higher. This indicates that, in comparison to the same month in the previous year (i.e., April 2023), the headline inflation rate increased in April 2024 (year over year).

Additionally, the headline inflation rate in April 2024 was 2.29 percent on a month-over-month basis, which was 0.73 percent less than the rate that was reported in March 2024 (3.02 percent). This indicates that the average price level is increasing at a slower rate in April 2024 than it was in March 2024.

However, due to a decline in the average rate of increase in the prices of essential food goods, food inflation decreased by 1.1%.

The food inflation rate for April 2024 was 2.50% on a month-over-month basis, indicating a 1.1% decline from the rate of 3.62 percent in March 2024. The decrease in the average price growth rate was the reason behind the month-over-month decline in food inflation.

Details to follow.