Nigeria’s Inflation Rate Rises in April 2024

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Nigeria’s Inflation rate has risen to thirty-three point six nine percent in April 2024 against the thirty-three point two zero percent of the March 2024 headline inflation rate.

This was confirmed by the report released on Wednesday by the Nigeria Bureau of Statistics (NBS)’s Consumer Price Index (CPI). The April 2024 headline inflation rate showed an increase of zero point four nine percent points compared to the March 2024 headline inflation rate.

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%). This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”

This has affected the prices of food and essential commodities in the last weeks as Nigerians continue to fight the incessant high cost of living and the toughest economic crises which were due to the petrol subsidy removal and unification of forex windows.

Meanwhile, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to review the country’s interest rate from twenty-four point seven five percent with the new report from the NBS.

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