The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 33.69 percent in April 2024.
The NBS said this in its Consumer Price Index (CPI) and Inflation Report for April, which was released in Abuja on Wednesday.
According to the report, the figure is 0.49 percent points higher compared to the 33.20 percent recorded in March 2024.
It said on a year-on-year basis, the headline inflation rate in April 2024 was 11.47 percent higher than the rate recorded in April 2023 at 22.22 percent.
In addition, the report said, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 percent, which was 0.73 percent lower than the rate recorded in March 2024 at 3.02 percent.
“This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”
The report said the increase in the headline index for April 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.
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It said the percentage change in the average CPI for the 12 months ending April 2024 over the average of the CPI for the previous corresponding 12-month period was 28.10 percent.
“This indicates a 7.28 percent increase compared to 20.82 percent recorded in April 2023.”
The report said the food inflation rate in April 2024 increased to 40. 53 percent on a year-on-year basis, which was 15.92 percent higher compared to the rate recorded in April 2023 at 24.61 percent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, and Water Yam, CocoYam”
Others are Dried Fish Sadine, Dried Catfish, Mudfish Dried, Palm Oil, Vegetable Oil, Coconut Oil , Beef Feet, Beef Head, Liver, Frozen Chicken.
“Others are Mango, Banana, Grapefruit, Coconut, Water Melon, Lipton Tea, Bournvita, and Milo.”It said on a month-on-month basis, the food inflation rate in April was 2.50 percent, which was a 1.11 percent decreaese compared to the rate recorded in March 2024 at 3.62 percent.
“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class); Yam, Water Yam, Irish Potato, and CocoYam.
“Others are Beer, Loacl Beer, Milo, Bournvita, Nescafe, Groundnut oil, Palm oil, egg, fresh milk, powdered milk, Tin Milk, Soft drinks, wine and fruits. ”
The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 26.84 percent in April on a year-on-year basis.“
This increased by 6.87 percent compared to 19.96 percent recorded in April 2023.’’
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of Actual and Imputed Rentals for Housing, Journey by motorcycle, Bus Journey within a city, Consultation Fee of a medical doctor, X-ray photography among others.
The NBS said on a month-on-month basis, the core inflation rate was 2.20 percent in April 2024.“This indicates a 0.24 percent decrease compared to what was recorded in March 2024 at 2.54 percent.”
“The average 12-month annual inflation rate was 22.84 per cent for the 12 months ending April 2024, this was 5.15 percent points higher than the 17.70 percent recorded in April 2023.”
The report said on a year-on-year basis in April 2024, the urban inflation rate was 36 percent, which was 12.61 percent higher compared to the 23.39 percent recorded in April 2023.
“On a month-on-month basis, the uban inflation rate was 2.67 percent, which decreased by 0.50 percent compared to March 2024 at 3.17 percent.’’
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The report said on a year-on-year basis in April 2024, the rural inflation rate was 31.64 percent, which was 10.50 per cent higher compared to the 21.14 percent recorded in April 2023.
“On a month-on-month basis, the rural inflation rate was 1.92 per cent, which decreased by 0.95 percent compared to March 2024 at percent.’’
On states’ profile analysis, the report showed in April that all items inflation rate on a year-on-year basis was highest in Kogi at 40.84 percent, followed by Bauchi at 39.91 per cent, and Oyo at 38.37 percent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 26.09 per cent, followed by Benue at 27.53 percent, and Taraba at 28.69 percent.
The report, however, said in April 2024, all items inflation rate on a month-on-month basis was highest in Lagos at 4.52 percent, followed by Ondo at 3.35 percent, and Edo at 3.27 percent.
“Kano at 0.30 percent, followed by Ebonyi at 0.97 percent and Adamawa at 1.27 percent recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Kogi at 48.62 percent, followed by Kwara at 46.73 percent, and Ondo at 45.88 percent.
“Adamawa at 33.61 percent, followed by Bauchi at 33.85 percent and Nasarawa at 34.03 percent recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, food inflation was highest in Lagos at 4.74 percent, followed by Edo at 4.06 percent, and Yobe at 3.99 percent.
“While Kano at 0.47 percent, followed by Adamawa at 0.98percent and Zamfara at 1.50 percent, recorded the slowest rise in inflation on a month-on-month basis.”
NAN
