Nigeria’s inflation rose for the 16th consecutive month in April

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Nigeria’s headline consumer inflation, rose to a new 28-year high in April, reaching 33.69% year-on-year, up from 33.20% in March.

  • Nigeria’s headline consumer inflation reached a 28-year high of 33.69% year-on-year in April 2024
  • The headline inflation rate in April 2024 was 11.47 percentage points higher compared to April 2023
  • Food inflation rate in April 2024 was 40.53% year-on-year, 15.92% higher compared to April 2023

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%, according to the National Bureau of Statistics (NBS).

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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%).

Urban inflation: On a year-on-year basis, the headline inflation rate was 11.47 percentage points higher compared to the rate recorded in April 2023, which stood at 22.22%.

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%).

Rural Inflation: The Rural inflation rate in April 2024 was 31.64% on a year-on-year basis; this was 10.50% higher compared to the 21.14% recorded in April 2023.

On a month-on-month basis, the Rural inflation rate in April 2024 was 1.92%, down by 0.95% points compared to March 2024 (2.87%).

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Food Inflation

The Food inflation rate in April 2024 was 40.53% on a year-on-year basis, which was 15.92% points higher compared to the rate recorded in April 2023 (24.61%).

On a month-on-month basis, the Food inflation rate in April 2024 was 2.50% which shows a 1.11% decrease compared to the rate recorded in March 2024 (3.62%).

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