In April 2024, Nigeria’s headline inflation rate rose to 33.69%, up from 33.20% recorded in march 2024. This rate marks an increase of 0.49 percentage points.
This latest figure is contained in the National Bureau of Statistics data on consumer price index for the month of April.
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%. This indicates that the headline inflation rate has risen significantly over the past year.
Additionally, 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.
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The food inflation rate in April 2024 was 40.53% on a year-on-year basis, which was 15.92% points higher compared to the rate recorded in April 2023
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%).
Food inflation on a year-on-year basis was highest in Kogi, followed by Kwara Ondo, while Adamawa, Bauchi and Nasarawa recorded the slowest rise in food inflation on year-on-year basis.
On a month on-month basis, however, April 2024 food inflation was highest in Lagos, Edo and Yobe while Kano, Adamawa and Zamfara recorded the slowest rise in food inflation.
(Editor: Terverr Tyav)
