Nigeria’s Inflation Rate Climbs to 33.69% in April Amidst Rising Food Costs

In the face of escalating food prices, Nigeria grapples with a surging inflation rate, which has soared to 33.69% in April 2024, according to the latest figures released by the National Bureau of Statistics (NBS). This marks a significant uptick from the 33.20% recorded in March 2024, highlighting a month-over-month increase of 0.49 percentage points.

A Closer Look at the Numbers

The National Bureau of Statistics report sheds light on the inflationary trends, noting that the headline inflation rate for April 2024 stood at 33.69%, up from 33.20% in the previous month. This increment of 0.49 percentage points is indicative of the persistent upward pressure on prices. On a year-on-year basis, the inflation rate has jumped by 11.47 percentage points, from 22.22% in April 2023 to the current rate. This stark contrast underscores the accelerated pace at which the cost of living has increased over the past year.

Month-on-Month Analysis

Looking at the month-on-month data, the headline inflation rate in April 2024 was 2.29%, which is 0.73 percentage points lower than the 3.02% recorded in March 2024. This suggests a deceleration in the rate at which prices are climbing, offering a glimmer of hope amidst the broader inflationary context.

The Silver Lining: Food Inflation

A noteworthy aspect of the report is the reduction in food inflation by 1.11 percentage points. The food inflation rate in April 2024 was 2.50%, down from 3.62% in March 2024. This decrease is attributed to a slowdown in the rate of increase in the average prices of basic food commodities, signaling some relief for consumers who have been hard-hit by rising food costs.

Year-on-Year Perspective

When comparing year-on-year data, the inflation rate in April 2024 stands at a staggering 11.47 percentage points higher than the 22.22% observed in April 2023. This significant rise reflects the challenges faced by the Nigerian economy and the impact on the purchasing power of its citizens.

Well, as the country navigates through these turbulent economic waters, the focus remains on addressing the root causes of inflation and fostering an environment conducive to economic resilience and prosperity.

Also read about Understanding Money, Banking, and Inflation in Nigeria