At 33.69%, Inflation Rev To All-time High In Nigeria

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Nigeria’s inflation increased to 33.69 per cent in April 2024, becoming an all-time high amid Federal Government removal of subsidy on Premium Motor Spirit (PMS) and foreign exchange crisis.

 

At 33.69 per cent, the inflation rate in Nigeria hits the highest peak since March 1996.

 

The National Bureau of Statistics (NBS) on Wednesday disclosed that Nigeria’s inflation increased to 33.69 per cent in April 2024 from 33.20 per cent reported in March 2024.

 

According to NBS, the inflation rate movement showed an increase of 0.49 percentage points when compared to the March 2024 headline inflation rate.

 

The report stated that, “On a year-on-year basis, the headline inflation rate was 11.47percentage points higher compared to the rate recorded in April 2023, which was 22.22per 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 2.29per cent, which was 0.73per cent lower than the rate recorded in March 2024 (3.02per cent).

 

“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.”

 

On urban inflation, the report stated that, “On a year-on-year basis, in the month of April 2024, the Urban inflation rate was 36per cent, which was 12.61percentage points higher compared to the 23.39per cent recorded in April 2023.

 

“On a month-on-month basis, the Urban inflation rate was 2.67 per cent in April 2024, this was 0.50percentage points low-er compared to March 2024 (3.17per cent).

 

“The corresponding twelve-month average for the Urban inflation rate was 30.02per cent in April 2024. This was 8.53percentage points higher compared to the 21.50per cent reported in April 2023.”

 

The report by NBBS revealed that the rural inflation rate in April 2024 was 31.64per cent on a year-on-year basis; this was 10.50per cent higher compared to the 21.14per cent recorded in April 2023.

 

‘On a month-on-month basis, the Rural inflation rate in April 2024 was 1.92per cent, down by 0.95percentage points compared to March 2024 (2.87per cent).

 

“The corresponding twelve-month average for the Rural inflation rate in April 2024 was 26.38per cent. This was 6.20per cent higher compared to the 20.18per cent recorded in April 2023.”

 

The NBS in its report disclosed that the Food inflation rate in April 2024 was 40.53per cent on a year-on-year basis, which was 15.92percentage points higher compared to the rate recorded in April 2023 (24.61per cent).

 

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items Millet flour, Garri, Bread, Wheat Flour prepacked, Semovita (which are under Bread and Cereals Class), Yam Tuber, Water Yam, cocoyam (under Potatoes, Yam and other Tu-bers Class), Coconut Oil, Palm Kernel Oil, Vegetable Oil, etc (under Oil and fat), Dried Fish Sadine, Catfish Dried, Mudfish Dried (under Fish class), Beef Head, Beef Feet, Liver, Frozen Chicken (under Meat class), Mongo, Banana, Grapefruit (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).

 

“On a month-on-month basis, the Food inflation rate in April 2024 was 2.50per cent which shows a 1.11 per cent decrease compared to the rate recorded in March 2024 (3.62 per cent). The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Yam, Water Yam, Irish Potatoes (under Potatoes, Yam & Other Tubers Class), Beer, Local Beer (under Tobacco Class), Milo, Bournvita, Nescafe (under Coffee, Tea, and Coco Class), Groundnut Oil, Palm Oil (under Oil and Fats Class), Egg, Fresh Milk, Powered Milk, Tin Milk (under Milk, Cheese, and Eggs Class), Soft Drinks e.g. Malt Guin-ness, Coco-cola, etc, Spirit (Local Production), Chelsea, Seaman Schnapps (under Spirit Class), Wine and Fruit e.g., Water Melon, Pineapple, Banana, Pawpaw, etc.

 

“The average annual rate of Food inflation for the twelve-month ending April 2024 over the previous twelve-month average was 32.74per cent, which was a 9.52percentage points increase from the average annual rate of change recorded in April 2023 (23.22per cent).”