The Nigeria Bureau of Statistics (NBS) has disclosed that in April 2024, headline inflation rate increased to 33.69 per cent.
This was contained in the Consumer Price Index (CPI) for April 2024, released on Wednesday.
The CPI measures the average change over time in the prices of goods and services con-sumed by people for day-to-day living.
The April inflation figure shows an increase of 0.49 per cent, from the preceding month when head line inflation rate which was 33.20%.
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.
The percentage change in the average CPI for the 12 months ending April 2024 over the average of the CPI for the previous 12-month period was 28.10 per cent, showing a 7.28 per cent in-crease compared to 20.82% recorded in April 2023.
