May 15, 2024

Nigeria’s inflation rate rose to 33.69% in April 2024 compared to March 2024 which was 33.20%.

This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday.

“In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 head line 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 the month of 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%, 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.