Inflation Soars to 33.69% in April, Defying Economic Reforms

Nigeria’s economic challenges, exacerbated by economic policies, nationwide insecurity, and rising production costs, have pushed the country’s inflation rate to one of the highest in Africa. The National Bureau of Statistics (NBS) reported on Wednesday that Nigeria’s headline inflation rate increased to 33.69 percent in April 2024, up from 33.20 per cent in March 2024.

The nation’s statistics bureau said on Wednesday that Nigeria’s headline inflation rate increased to 33.69 per cent relative to the March 2024 headline inflation rate which was 33.20 per cent, according to the nation’s statistics bureau.

Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49 per cent points when compared to the March 2024 headline inflation rate, the Nigerian Bureau of Statistics (NBS) stated on Wednesday.

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 percent

The current figure shows that Nigeria is facing profound challenges worse than most of its peers in Africa, edging to the top of the list of countries worst hit by inflation in Africa. In a recent World Bank report titled “Addressing Inequality to Revitalise Growth and Alleviate Poverty in Africa,” Nigeria was ranked number 4th in the countries with the highest rate of inflation, behind Zimbabwe, Sierra Leone and Malawi.

The food inflation rate in April 2024 was 40.53 percent on a year-on-year basis, which was 15.92 percent points higher compared to the rate recorded in April 2023 (24.61 percent).

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, yam tuber, etc.

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