BREAKING: Nigeria Inflation On Autopilot, Hits 33.69%

Nigeria inflation has risen to 33.69% in April, according to data released by the NBS.

 

NewsOnline Nigeria reports that the National Bureau of Statistics (NBS) on Wednesday, May 15, said inflation rate increased to 33.69% in April 2024 from the 33.20% of March 2024.

This was contained in its document titled: ” Consumer Price Index

 

April 2024,” which noted that the rate of increase showed 0.49% points in comparison to that of the previous month.

NBS said: “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%.

 

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“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 data also noted that 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%.

The report said 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).

 

According to NBS, 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%).

 

It said 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 shortly…