The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate rose to 33.69 per cent in April 2024.
The NBS made this known via its Consumer Price Index (CPI) report released on Wednesday, May 15, 2024.
It noted that the April headline inflation rate showed an increase of 0.49 per cent when compared to the March 2024 headline inflation rate.
“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,” the bureau said.
The NBS said on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 at 3.02 per cent.
“This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024,” it noted.
The NBS said the increase in the headline index for April 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
The bureau noted that these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
It said the percentage change in the average CPI for the 12 months ending April 2024 over the average of the CPI for the previous corresponding 12-month period was 28.10 per cent.
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“This indicates a 7.28 per cent increase compared to 20.82 per cent recorded in April 2023,” the NBS added.
The NBS disclosed that the food inflation rate in April 2024 increased to 40.53 per cent on a year-on-year basis, which was 15.92 per cent higher compared to the rate recorded in April 2023 at 24.61 per cent.
The bureau said the rise in food inflation on a year-on-year basis was caused by increases in prices of garri, millet, Akpu uncooked Fermented (which are under the bread and cereals class), yam tuber, water yam, and cocoyam.
Others included dried fish sardine, dried catfish, mudfish dried, palm oil, vegetable oil, coconut oil, beef feet, beef head, liver, frozen chicken, mango, banana, grapefruit, coconut, watermelon, Lipton tea, bournvita, and milo.
It said on a month-on-month basis, the food inflation rate in April was 2.50 per cent, which was a 1.11 per cent decrease compared to the rate recorded in March 2024 at 3.62 per cent.
The NBS said on a year-on-year basis in April 2024, the rural inflation rate was 31.64 per cent, which was 10.50 per cent higher compared to the 21.14 per cent recorded in April 2023.
On a month-on-month basis, the NBS said the rural inflation rate was 1.92 per cent, which decreased by 0.95 per cent compared to March 2024 at per cent.
On states’ profile analysis, the bureau stated that in April all items inflation rate on a year-on-year basis was highest in Kogi State at 40.84 per cent, followed by Bauchi State at 39.91 per cent, and Oyo State at 38.37 per cent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno State at 26.09 per cent, followed by Benue State at 27.53 per cent, and Taraba State at 28.69 per cent.
The NBS noted that in April 2024, all items inflation rate on a month-on-month basis was highest in Lagos State at 4.52 per cent, followed by Ondo State at 3.35 per cent, and Edo State at 3.27 per cent.
The NBS said Kano State at 0.30 per cent, followed by Ebonyi State at 0.97 per cent and Adamawa State at 1.27 per cent recorded the slowest rise in month-on-month inflation.
It said on a year-on-year basis, food inflation was highest in Kogi State at 48.62 per cent, followed by Kwara State at 46.73 per cent and Ondo State at 45.88 per cent.
According to the bureau, Adamawa State at 33.61 per cent, followed by Bauchi State at 33.85 per cent and Nasarawa State at 34.03 per cent recorded the slowest rise in food inflation on a year-on-year basis.
The NBS further stated that on a month-on-month basis, food inflation was highest in Lagos State at 4.74 per cent, followed by Edo State at 4.06 per cent and Yobe State at 3.99 per cent.
It said Kano State at 0.47 per cent, followed by Adamawa State at 0.98 per cent and Zamfara State at 1.50 per cent, recorded the slowest rise in inflation on a month-on-month basis.
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