Nigeria’s inflation rate climbed to 33.69% in April 2024, up from 33.20% in March 2024, according to the National Bureau of Statistics (NBS)’s latest 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%,” NBS reported.
This represents a 0.49 percentage point increase from March 2024. Year-on-year, the headline inflation rate was 11.47 percentage points higher than the 22.22% recorded in April 2023, indicating a significant rise compared to the same month last year.
On a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which is 0.73 percentage points lower than the 3.02% rate recorded in March 2024. This indicates a slower rate of increase in the average price level in April 2024 compared to March 2024.
