The National Bureau of Statistics (NBS) on Wednesday, stated that inflation rate in the country has skyrocketed to 33.69% in April 2024 from the 33.20% of March 2024.
This was contained in a document titled: ”Consumer Price Index April 2024,” in which it was stated that “the rate of increase showed 0.49% points in comparison to that of the previous month”.
NBS said: “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%.
“Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.”
The data also disclosed that on a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.
The report noted that “this shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023)”.
According to the NBS, 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%)”.
It said 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.
