Nigeria’s National Bureau of Statistics (NBS) has announced that the headline inflation rate for April 2024 increased to 33.69% as against the March 2024 headline inflation rate of 33.20%.
The NBS said on Wednesday in Abuja that the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate. It explained that 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%.
The NBS noted that the headline inflation rate on year-on-year basis increased in April 2024 when compared to the same month in the preceding year of 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 the month of 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,” the NBS said. According to the report, Food inflation which accounts for the bulk of the inflation basket, reached 40.53% in annual terms as against 40.01% in March this year.
The percentage change in the average CPI for the twelve months ending April 2024 over the average of the CPI for the previous twelve-month period was 28.10%, showing a 7.28% increase compared to 20.82% recorded in April 2023. On Urban inflation, the NBS stated that On a year-on-year basis, in the month of April 2024, the inflation rate was 36.00%, which was 12.61% points higher compared to the 23.39% recorded in April 2023, while on Rural inflation 31.64% on a year-on-year basis was recorded in April, which was 10.50% higher compared to the 21.14% recorded in April 2023.
GIK/APA