Nigeria’s Inflation Remains Defiant, Hits 33.69 Percent, Food 40.53 Percent In April

The nation’s inflationary trend has remained unabated as the month of April, 2024 recorded 33.69 percent  while food inflation increased to 40.53 percent.

Statistics from the National Bureau of Statistics (NBS) showed that in April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%.

The same increase was recorded in food inflation which increased to 40.53 percent in April as against 40.01 percent recorded in March, 2024.

According to NBS report, “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% points higher compared to the rate recorded in April 2023, which was 22.22%. This shows that the headline inflation rate (year-on-year basis) increased in the month of 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%, which was 0.73% lower than the rate recorded in March 2024 (3.02%). This means that in the month of 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.”

In respect of the Food inflation, the 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%).

According to NBS, “The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items Millet flour, Garri, Bread, Wheat Flour prepacked, Semovita (which are under Bread and Cereals Class), Yam Tuber, Water Yam, cocoyam (under Potatoes, Yam and other Tubers Class), Coconut Oil, Palm Kernel Oil, Vegetable Oil, etc (under Oil and fat), Dried Fish Sadine, Catfish Dried, Mudfish Dried (under Fish class), Beef Head, Beef Feet, Liver, Frozen Chicken (under Meat class), Mongo, Banana, Grapefruit (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).”