Economy and Business

JUST IN: “Nigeria’s inflation rate rose to 33.69% in April 2024” – NBS reveals

Nigeria experienced a surge in its headline inflation rate, which reached 33.69% in April 2024. 

The figure represents a significant increase compared to the previous month’s rate of 33.20%, indicating a 0.49% points rise in headline inflation within one month.

On a year-on-year basis, the headline inflation rate for April 2024 was 11.47% points higher than the rate recorded in March 2023, which stood at 22.22%.

Examining the month-on-month movement, March 2024 saw a headline inflation rate of 2.29%, reflecting a slight moderation compared to the rate observed in February 2024, which stood at 3.02%. 

Despite this moderation, the overall inflationary trend remains pronounced, according to the National Bureau of Statistics.

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