Nigeria’s Inflation Soars High Again, Hits 33.69% In April

The New Diplomat
Writer

Ad

King Charles, Pope Leo pray together in historic first

King Charles III on Thursday became the first head of the Church of England to pray publicly with a pope since the schism with Rome 500 years ago, in a service led by Leo XIV. The 76-year-old monarch and his wife, Queen Camilla, joined the US-born pope in the Sistine Chapel for a 30-minute service…

Tears as Ghana’s Ex-First Lady Nana Konadu Rawlings Dies at 76

By Abiola Olawale Ghana is shrouded in grief on Thursday, October 23, 2025, following the passing of a former First Lady, Nana Konadu Agyeman-Rawlings, who died at the age of 76 in Accra. ​Sources close to the family confirmed that the former First Lady, the widow of the late President Jerry John Rawlings, passed away…

PDP Crisis: BoT Members Dismiss Anyanwu’s Forgery Claims,  Says It’s “Baseless and Misleading”

The internal crisis rocking the Peoples Democratic Party (PDP) has continued to deepen following a sharp rebuttal from the party's Board of Trustees (BoT) against allegations of signature forgery made by its National Secretary, Senator Samuel Anyanwu. ​The BoT, in a statement issued on Thursday, dismissed Anyanwu's claims as "baseless, misleading, and reprehensible," insisting the…

Ad

By Abiola Olawale

The upward trend of Nigeria’s headline inflation rate persists as the National Bureau of Statistics (NBC) has revealed that the most populous black country recorded a 33.69 per cent inflation rate in April 2024.

This represents an increase of 0.49 per cent from 33.20 per cent recorded in March 2024.

Comparing year-on-year data, the inflation rate in April 2024 was 11.47 percentage points higher than in April 2023, where it stood at 22.22 per cent. This indicates that the headline inflation rate has risen significantly over the past year.

Additionally, on a month-to-month basis, the inflation rate for April 2024 was 2.29 per cent, which is 0.73 per cent lower than the 3.02 per cent recorded in March 2024. This suggests that the rate at which prices increased in April 2024 was slower than the rate in March 2024.

The report reads in part: ” In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20 per cent. Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.47 per cent points higher compared to the rate recorded in April 2023, which was 22.22 per cent. This shows that the headline inflation rate (year-on-year basis) increased in April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, 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 (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.”

Food inflation however reduced by 1.11 per cent caused by a fall in the rate of increase in the average prices of basic food commodities.

“On a month-on-month basis, the Food inflation rate in April 2024 was 2.50% which shows a 1.11 per cent decrease compared to the rate recorded in March 2024 (3.62 per cent). The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices.”

Ad

X whatsapp