Nigeria’s inflation rate reached a record high of 33.69 percent in April 2024, as per the most recent data issued on Wednesday by the National Bureau of Statistics (NBS).
The most recent spike in inflation is notable both in comparison to the 23.22 percent inflation rate in April 2023 and the 33.2% inflation rate recorded in March.
According to the NBS data, April 2024 witnessed a 2.9% increase month over month, which was marginally less than March 2024’s 3.02 percent gain.
Analysts said that even while the month-to-month increase moderated marginally, the overall trend was still alarming.
In April 2024, the country had the highest amount of food inflation on record, with food prices rising by a noteworthy 40.53 percent over the previous year.
Food inflation reached 40.53 percent on an annual basis, a substantial increase above the rate of 24.61 percent in April 2023.
In April 2024, the monthly food inflation rate dropped from 3.62 percent in March to 2.50% despite this spike.
As per the NBS, the hike in food prices was caused by the following: prices for Millet flour, Garri, Bread, Wheat Flour prepackaged, Semovita (all under the Bread and Cereals Class); Yam Tuber, Water Yam and cocoyam (under the Potatoes, Yam and other Tubers Class); Dried Fish Sardine, Catfish Dried, Mudfish Dried (under the Fish class); Beef Head, Beef Feet, Liver, Frozen Chicken (under the Meat class); Mango, Banana, Grapefruit (under the Fruit Class); Lipton Tea, Bournvita and Milo (under
Similarly, core inflation, which is defined as all products less farm produce and energy, increased by 94 basis points year over year to 26.84 percent from the March Y/Y record of 25.9 percent. The prices of actual and imputed rentals for housing, motorbike and bus trips within cities (under the passenger transport by road class), doctor consultation fees, X-ray photography, and other services (under the medical services class), and lodging services showed the biggest price increases.
In other news, the core index decreased from the previous month’s value of 2.54% to 2.2% month over month in April 2024, a 34bps decrease.
In other news, the core index decreased from the previous month’s value of 2.54% to 2.2% month over month in April 2024, a 34bps decrease.