BREAKING: Nigeria’s Inflation Jumps to 33.69% in April 2024

In April 2024, the headline inflation rate rose to 33.69%, up from 33.20% in March 2024, marking an increase of 0.49% points.

Comparing 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 indicates that the headline inflation rate has risen significantly over the past year.

This is according to the latest Consumer Purchasing Index and inflation report released Wednesday by the National Bureau of Statistics (NBS).

The report further showed that 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.

Details later…

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