Nigeria’s inflation rate is showing no sign of reducing as it rose to 33.69% in April 2024 compared to March 2024 headline inflation rate which was 33.20%.
According to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday an increase of 0.49% points when compared to the March 2024 headline inflation rate was recorded.
“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 is the words of the Bureau 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.
“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.”
The Bureau disclosed that Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians continue to battle with high cost of living and one of the country’s toughest economic crises sparked by the current government’s twin policies of petrol subsidy removal and unification of forex windows.
There are indications that with the fresh inflation report by the NBS, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), expected to review the country’s interest rate from 24.75%.
