In April 2024, Nigeria's inflation rate surged to 33.69%, marking a significant increase from the March 2024 headline inflation rate of 33.20%. This information was disclosed in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday.
The report indicated that the April 2024 headline inflation rate saw a 0.49%-point rise compared to the previous month. On a year-on-year basis, the headline inflation rate was notably higher, standing at 11.47% points above the rate recorded in April 2023, which was 22.22%.
Furthermore, the month-on-month comparison revealed that the headline inflation rate in April 2024 was 2.29%, representing a 0.73% decrease from the rate recorded in March 2024, which was 3.02%. This suggests that the rate of increase in the average price level in April was lower than in March.
In recent weeks, the prices of food and essential commodities have skyrocketed, exacerbating the challenges faced by Nigerians grappling with high living costs amid one of the country's most severe economic crises. This crisis has been precipitated by the government's policies, including the removal of petrol subsidies and the unification of forex windows. The value of the naira, which initially saw some appreciation against the dollar in April, experienced a sharp decline from approximately N1,100/$1 to about N1,500/$1.
Following the latest inflation report by the NBS, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is anticipated to review the country's interest rate, currently set at 24.75%.
