Nigeria’s inflation rate continued its upward trend, reaching a new high of 33.69% in April 2024, according to the National Bureau of Statistics (NBS). This represents a significant increase from the 33.20% recorded in March 2024 and a substantial jump of 11.47% compared to April 2023’s rate of 22.22%.
There was a slight slowdown in the month-on-month inflation rate, however. April saw a 2.29% increase in prices compared to 3.02% in March.
The report attributed the rising inflation to price hikes across various categories, including food and non-alcoholic beverages, housing, transportation, and many others. Food inflation was particularly concerning, reaching 40.53% year-on-year in April, driven by increases in staples like Garri, Yam, and Palm oil.
There was some regional variation in inflation rates. Kogi state had the highest overall inflation at 40.84%, while Borno state recorded the lowest at 26.09%. Similarly, Lagos witnessed the highest month-on-month inflation at 4.52%, while Kano experienced the slowest at 0.30%.
The NBS report also highlighted core inflation, which excludes volatile agricultural products and energy prices. Core inflation stood at 26.84% year-on-year in April, reflecting price increases in housing, healthcare, and transportation.
Overall, the report paints a picture of a Nigerian economy grappling with high and persistent inflation. The rising cost of living poses a significant challenge for Nigerians, particularly those on fixed incomes.
Credit: News Agency of Nigeria (NAN)
