Nigeria’s headline inflation rate increased from 33.20% in March 2024 to 33.69% April 2024 according to the National Bureau of Statistics reports.
This increase represents a month-over-month shift of 0.49% points in the headline inflation rate, according to the Consumer Price Index report.
When compared on a year-on-year data, the inflation rate in April 2024 was 11.47% points higher than in April 2023, where it stood at 22.22%. This signals that the headline inflation rate has risen significantly over the past year.
When compared on a month-to-month basis, the inflation rate for April 2024 was 2.29 %, which is 0.73% lower than the 3.02% recorded in March 2024 which implies that the rate at which prices increased in April 2024 was slower than the rate in March 2024.
Here’s a portion of the report as released
” In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%. 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% 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 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% 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.”
Food inflation however reduced by 1.11 per cent occasioned 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% decrease compared to the rate recorded in March 2024 (3.62%). 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.”
