In April 2024, the headline inflation rate rose to 33.69 per cent, up from 33.20% in March 2024, marking an increase of 0.49 per cent points according to the Nigeria Bureau of Statistics (NBS).
Comparing year-on-year data, the inflation rate in April 2024 was 11.47 per cent points higher than in April 2023, where it stood at 22.22 per cent. 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.
This suggests that the rate at which prices increased in April 2024 was slower than the rate in March 2024.
