By Godfrey AKON
Nigeria’s headline inflation rose to 33.69 per cent in April 2024 from 33.20 per cent in March 2024, representing 0.49 points relative increase.
This was contained in a Consumer Price Index, CPI, report released by the National Bureau of Statistics, NBS, on Wednesday in Abuja.
According to the report, food and non-alcoholic beverages accounted for 17.45 per cent increase in April while housing, water, electricity, gas and other fuel accounted for 5.64 per cent increase year-on-year.
On a year-on-year basis, the headline inflation rate was 11.47 per cent points higher compared to the rate recorded in April 2023, which was 22.22 per cent.
“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,” NBS said.
The Bureau further stated that on a year-on-year basis, in the month of April 2024, the Urban inflation rate was 36.00 per cent, rising 12.61 per cent points higher compared to the 23.39 per cent recorded in April 2023.
On a month-on-month basis, it said the Urban inflation rate was 2.67 pee cent in April 2024, representing 0.50 per cent points lower compared to March 2024 which recorded 3.17 per cent.
“The corresponding twelve-month average for the Urban inflation rate was 30.02% in April 2024. This was 8.53% points higher compared to the 21.50% reported in April 2023,” the report said.
On rural inflation, the report said in April 2024 it was 31.64 per cent on a year-on-year basis, representing 10.50 per cent higher compared to the 21.14 per cent recorded in April 2023.
“On a month-on-month basis, the Rural inflation rate in April 2024 was 1.92%, down by 0.95% points compared to March 2024 (2.87%). The corresponding twelve-month average for the Rural inflation rate in April 2024 was 26.38%. This was 6.20% higher compared to the 20.18% recorded in April 2023,” the report said.
