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Nigeria April Inflation 2024:
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%
Clothing & Footwear: 2.58%
Transport: 2.19%
Furnishings & Household Equipment & Maintenance: 1.69%
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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Global
US CPI - April 2024:
Oil prices rise on U.S. inventories drawdown expectations, CPI focus
US Inflation Ebbs for First Time in Six Months in Relief for Fed
Slovak prime minister Fico in a life-threatening condition, govt office says
S&P, Nasdaq hit record highs as tepid inflation data fans rate cut bets
Gold climbs as cooling US inflation bolsters Fed rate cut bets
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Investment Tip of The Day
It's important to periodically review your investment portfolio to ensure that your asset allocation aligns with your risk tolerance and investment goals, especially as both might change over time. Market movements can alter the distribution of your assets, potentially exposing you to more risk or less growth potential than intended. By reassessing your portfolio regularly, you can make necessary adjustments, rebalancing to maintain your desired level of risk and to capitalize on potential market opportunities.