Inflation in Nigeria Hits 33.69%, Food Prices Soar to 40.53%
From Isaac Anumihe, Abuja
Inflation in Nigeria continues to rise, reaching 33.69% in April 2024, compared to 33.20% in March 2024. Food prices, a major contributor to inflation, soared to 40.53% in April 2024, compared to 24.61% in April 2023.
The increase in food inflation was driven by price hikes in various food items, including millet flour, garri, bread, wheat flour, yam, cocoyam, coconut oil, palm kernel oil, vegetable oil, dried fish, beef, chicken, mango, banana, grapefruit, Lipton tea, Bournvita, and Milo.
On a month-on-month basis, food inflation decreased to 2.50% in April 2024, compared to 3.62% in March 2024. This decrease was attributed to lower price increases in yam, water yam, Irish potatoes, beer, local beer, milo, Bournvita, Nescafe, groundnut oil, palm oil, eggs, fresh milk, powdered milk, tin milk, soft drinks, spirits, wine, and fruits like watermelon, pineapple, banana, and pawpaw.
The average annual rate of food inflation for the twelve months ending April 2024 was 32.74%, a 9.52 percentage point increase from the average annual rate of change recorded in April 2023 (23.22%).
The overall headline inflation rate in April 2024 was 11.47 percentage points higher than the rate recorded in April 2023 (22.22%). This indicates that the rate of price increase has accelerated compared to the same month in the previous year.
On a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, compared to 3.02% in March 2024. This suggests that the rate of price increase in April 2024 was slower than in March 2024.
