By Milcah Tanimu
The Nigeria Bureau of Statistics (NBS) has reported a notable uptick in the headline inflation rate for April 2024, reaching 33.69%, compared to 33.20% recorded in March 2024. This increase of 0.49% points underscores a continued trend of rising inflationary pressures in the country.
Year-on-year data reveals a significant surge in inflation, with April 2024 marking an 11.47% point increase from the 22.22% recorded in April 2023, indicating a substantial deterioration in the inflationary environment over the past year.
Despite the month-to-month inflation rate for April 2024 standing at 2.29%, which is lower than the 3.02% recorded in March 2024, it still reflects a persistent upward trajectory in prices, albeit at a slightly slower pace compared to the previous month.
Food inflation has been a major driver of overall inflationary pressures, with the rate soaring to 40.53% on a year-on-year basis in April 2024, marking a significant increase from the 24.61% recorded in April 2023. This surge can be attributed to higher prices across various food items, including staples like millet flour, garri, bread, and tubers such as yam and cocoy