Nigeria's inflation reached a new high of 33.69%, up from 33.2% in March and significantly higher than the 22.22% recorded in April 2023. The inflation increase was driven largely by a record surge in food prices, which rose by 40.53% year-on-year.
Key contributors to the inflation included:
Food & Non-Alcoholic Beverages: 17.45%
Housing, Water, Electricity, Gas & Other Fuels: 5.64%
Additionally, the twelve-month Consumer Price Index (CPI) change reached 28.10% in April 2024, up from 20.82% in April 2023. Urban inflation hit 36.00% year-on-year, while rural inflation was at 31.64%. Despite the overall upward trend, the month-on-month inflation rate showed a slight decrease compared to March.
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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.
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