Nigeria’s Headline Inflation Maintains Upwards Swing, Hits 33.69% 

Nigeria has continued to experience 15 consecutive months ostensibly rising  inflation with the inflation rate hitting 33.69 percent in April.

The National Bureau of Statistics in its consumer price index report released on Wednesday shows an increase of 0.49 percent when compared with the March figures which I 33.2 percent.

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 (3.02 percent). 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.

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 high cost of transportation, which rose by 79.17 percent in March this year and the insecurity that has made it difficult for farmers, especially those in the northern part of the country to go to their farms, thus creating food shortages, are said to be the main drivers of the inflation.

Other drivers include high energy costs following the increase in the prices of fuel and diesel and the epileptic power supply which has forced manufacturers to rely more on diesel for their production activities, multiple taxation as the government struggles to raise more revenue to finance its budget, as well as high exchange rate.

The persistent rise in prices of Household items has exposed Nigerians to excruciating hardship.


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