HIGH INFLATION: In 2024, Nigeria Sees Sharp Increase Of 33.69% in Inflation Rate

HIGH INFLATION In 2024, Nigeria Sees Sharp Increase Of 33.69% in Inflation Rate
HIGH INFLATION In 2024, Nigeria Sees Sharp Increase Of 33.69% in Inflation Rate

The National Bureau of Statistics (NBS) has released data indicating that Nigeria experienced a significant climb in its headline inflation rate in April 2024, rising to 33.69%, a jump of 0.49 percentage points from the March 2024 figure of 33.20%.

This marks a considerable annual increase, with the current inflation rate standing at 11.47 percentage points above the rate recorded in April of the previous year, 2023, which was 22.22%.

The stark rise denotes that the pace at which prices of goods and services have risen has surged notably over the past year.

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Despite this annual uptrend, the month-on-month analysis points to a marginal slowdown in inflationary pressures.

In conclusion, In April 2024, the month-to-month inflation rate settled at 2.29%, a decline of 0.73% from the 3.02% documented in March 2024, indicating that the immediate rate of inflation decelerated slightly in April.

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