Business

Nigeria’s Inflation Rate Soars To 33.69% In April

This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday.

By Johnson Atoukudu

In April 2024, Nigeria experienced a surge in inflation, with the rate climbing to 33.69%, up from March 2024’s headline inflation rate of 33.20%.

This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday.

“In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 head line inflation rate which was 33.20%,” the Bureau said in its 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 in crease in the average price level in March 2024.”

Over the past few weeks, the prices of food and essential goods have skyrocketed, adding pressure to Nigerians already grappling with a high cost of living amidst one of the country’s most challenging economic crises. This crisis has been fueled by the government’s recent decisions to remove petrol subsidies and unify forex markets. Initially, the naira saw some strength against the dollar in April, but it has since declined significantly, dropping from around N1,100/$1 to about N1,500/$1.

Given the latest inflation report from the NBS, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to reevaluate the country’s interest rate, which currently stands at 24.75%.

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