According to the Nigeria Bureau of Statistics (NBS), in April 2024, the headline inflation rate increased to 33.69% from 33.20% in March 2024, marking a 0.49 percentage point rise.
When comparing year-on-year data, the inflation rate for April 2024 was 11.47 percentage points higher than in April 2023, when it was at 22.22%. This signifies a significant increase in the headline inflation rate over the past year.
Also, the month-to-month inflation rate for April 2024 was 2.29%, which is 0.73% lower than the 3.02% recorded in March 2024. This indicates that the rate of price increase in April 2024 was slower than in March 2024.
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