In April 2024, the headline inflation rate rose to 33.69%, up from 33.20% in March 2024, marking an increase of 0.49 percentage points according to the Nigeria Bureau of Statistics (NBS).
Comparing year-on-year data, the inflation rate in April 2024 was 11.47 percentage points higher than in April 2023, where it stood at 22.22%. This indicates that the headline inflation rate has risen significantly over the past year.
Additionally, on a month-to-month basis, the inflation rate for April 2024 was 2.29%, which is 0.73% lower than the 3.02% recorded in March 2024. This suggests that the rate at which prices increased in April 2024 was slower than the rate in March 2024.
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