JUST IN: NIGERIA’S INFLATION RATE SOARS TO 33.69% IN APRIL 2024
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Compared to the headline inflation rate of 33.20% in March 2024, Nigeria’s inflation rate increased to 33.69% in April 2024.
This was stated in the Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS), which was made public on Wednesday.
According to the Bureau’s report, “the headline inflation rate increased to 33.69% in April 2024 compared to the headline inflation rate of 33.20% in March 2024.”
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Examining the movement, the headline inflation rate for April 2024 increased by 0.49% points in comparison to the headline inflation rate for March 2024.
“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 in crease in the average price level in March 2024.”
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