Nigeria’s inflation rate hits 33.69% in April — NBS

The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate rose to 33.69 per cent in April 2024.

The NBS said this in its Consumer Price Index, CPI, and Inflation Report for April, which was released in Abuja on Wednesday.

According to the report, the figure is 0.49 per cent points higher compared to the 33.20 per cent recorded in March 2024.

It said on a year-on-year basis, the headline inflation rate in April 2024 was 11.47 per cent higher than the rate recorded in April 2023 at 22.22 per cent.

In addition, the report said, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 at 3.02 per cent.

“This means that in 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 report said the increase in the headline index for April 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending April 2024 over the average of the CPI for the previous corresponding 12-month period was 28.10 per cent.

“This indicates a 7.28 per cent increase compared to 20.82 per cent recorded in April 2023.”

The report said the food inflation rate in April 2024 increased to 40. 53 per cent on a year-on-year basis, which was 15.92 per cent higher compared to the rate recorded in April 2023 at 24.61 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, and Water Yam, CocoYam

“Others are Dried Fish Sadine, Dried Catfish, Mudfish Dried, Palm Oil, Vegetable Oil, Coconut Oil , Beef Feet, Beef Head, Liver, Frozen Chicken.

“Others are Mango, Banana, Grapefruit, Coconut, Water Melon, Lipton Tea, Bournvita, and Milo.”

It said on a month-on-month basis, the food inflation rate in April was 2.50 per cent, which was a 1.11 per cent decrease compared to the rate recorded in March 2024 at 3.62 per cent.

“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class); Yam, Water Yam, Irish Potato, and CocoYam.

“Others are Beer, Loacl Beer, Milo, Bournvita, Nescafe, Groundnut oil, Palm oil, egg, fresh milk, powdered milk, Tin Milk, Soft drinks, wine and fruits. ”

According to the report, “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 26.84 per cent in April on a year-on-year basis.