HeadlineBREAKING: Nigeria’s Inflation Rate Hits 33.69% In April – NBS

BREAKING: Nigeria’s Inflation Rate Hits 33.69% In April – NBS

May 15, (THEWILL)- Nigeria’s inflation rate rose to 33.69% in April 2024 from 33.20% in March 2024, the National Bureau of Statistics (NBS) said in its Consumer Price Index (CPI) report released on Wednesday.

The April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.

The report reads in part: “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%.

“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.”

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