Nigeria’s Inflation Rate Rises to 33.69 Percent in April

By Xinhua 

May 17, 2024

Nigeria’s headline inflation rate rose to 33.69 percent in April, compared to 33.20 percent in the previous month, the National Bureau of Statistics (NBS) said.

   The country’s consumer price index, a main gauge of inflation, rose by 11.47 percent, compared to the rate of 22.22 percent in April 2023, the statistics bureau said in its latest report.

   Month-on-month, the inflation rate in April was 2.29 percent, 0.73 percentage points lower than the rate recorded in March, which was 3.02 percent.

   “This means that in April, the rate of increase in the average price level is less than the rate of increase in the average price level in March,” the NBS report said.