Nigeria’s inflation rate has climbed to a new high of 33.69 per cent, according to data released by the National Bureau of Statistics, NBS, on Wednesday. This represents a significant increase from 33.20 per cent recorded in March 2024.
The rise in inflation is attributed to soaring prices of food and non-alcoholic beverages. The year-on-year comparison paints a grim picture as well, with April 2024’s inflation rate being 11.47 percentage points higher compared to April 2023’s figure of 22.22 per cent.
However, there is a slight positive sign. While inflation is still rising, the month-to-month increase has slowed down. The April 2024 inflation rate of 2.29 per cent is 0.73 per cent lower than the 3.02 per cent recorded in March 2024.
“This means that in the month of 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 NBS added.
Food inflation also spiked to 40.53 per cent in April, compared to the 24.61 per cent reported in April 2023, an increase of 15.92 per cent points. A rise in food costs has been the main driver of inflation
This news comes amidst concerns about the Nigerian economy. The high inflation rate puts a strain on household budgets, as essential goods become more expensive.
The Central Bank of Nigeria recently said it would maintain high interest rates to combat inflation. This could slow down economic growth in the short term, but it is seen as a necessary measure to control rising prices.
Ezinwanne Onwuka, senior staff reporter and columnist with WAP is a Nigerian-based writer and content developer. She holds a Bachelor of Arts degree in Philosophy from the prestigious University of Nigeria, Nsukka. Her interests include reading, writing, researching and graphic designing.
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