According to the National Bureau of Statistics, Nigeria’s headline inflation rate rose to 33.69 percent in April 2024, up from 33.20 percent in March of the same year. This signifies a month-over-month increase of 0.49 percentage points, as outlined in the Consumer Price Index report released by the NBS on Wednesday.
A comparison of year-on-year data reveals a notable surge in the inflation rate for April 2024, standing at 11.47 percentage points higher than April 2023, which recorded a rate of 22.22 percent. This indicates a significant uptick in headline inflation over the preceding year.
Furthermore, April 2024 witnessed a month-to-month inflation rate of 2.29 percent, marking a decrease of 0.73 percent compared to March 2024’s rate of 3.02 percent. This suggests a slower pace of price increases during April compared to the preceding month.
The NBS report revealed that in April 2024, headline inflation rose to 33.69% compared to March 2024’s 33.20 percent. The increase of 0.49 percentage points in the April 2024 headline inflation rate compared to March 2024 was highlighted.
The decline in food inflation by 1.11 percent was linked to a deceleration in essential food items’ price hikes. Specifically, April 2024 witnessed a month-to-month food inflation rate of 2.50 percent, significantly lower than March 2024’s 3.62 percent.
This reduction indicates a slowdown in the pace of food price increases during April, providing a slight relief for consumers. The report’s findings suggest a positive trend in mitigating the impact of rising living costs. The decrease in food inflation underscores a potential easing of the cost burden on households, particularly concerning essential food commodities. The decrease in food inflation offers relief to consumers amid rising living costs, enhancing economic stability and overall welfare.
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