Nigeria’s inflation rate rises to 33.69%

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The Nigeria Bureau of Statistics (NBS) reports that in April 2024, the headline inflation rate increased by 0.49 percentage points to 33.69% from 33.20% in March 2024.

When comparing year-on-year data, the inflation rate in April 2024 was 11.47 percentage points higher than in April 2023 (22.22%). This suggests that the headline inflation rate has increased dramatically during the last year.

Furthermore, the month-to-month inflation rate in April 2024 was 2.29%, 0.73% lower than the 3.02% reported in March 2024. This shows that the rate of price increase in April 2024 was slower than in March 2024.