Nigeria’s inflation rate climbs further to 33.69%
The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.69 percent in April, owing to rising food prices.
The NBS disclosed this in its latest inflation data made public on Wednesday.
“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,” the NBS said.
“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.”
NBS noted that the top five contributors to the increase in inflation rate are food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing and footwear, transport, as well as furnishings, household equipment and maintenance.
NBS said on a year-on-year basis, the urban inflation rate rose to 36 percent in April, “which was 12.61% points higher compared to the 23.39% recorded in April 2023”.
“On a month-on-month basis, the Urban inflation rate was 2.67% in April 2024, this was 0.50% points lower compared to March 2024 (3.17%),” NBS said.
Also, NBS said the rural inflation rate in April was 31.64 percent on a year-on-year basis, compared to the 21.14 percent recorded in April 2023.
On a month-on-month basis, the bureau said the rural inflation rate in April was 1.92 percent, falling below the 2.87 percent reported in March.
