Nigeria’s inflation continued its upward trend last month, rising for the 16^th straight month. When compared to April 2023’s recorded rate of 22.22%, Nigeria’s headline inflation rate in 2024 rose a whopping 11.47% points. However, the headline inflation rate declined by 0.73% on a month-on-month basis. Where the headline inflation rate for April was 2.29%, the rate recorded for April was 3.02%. One of Nigeria’s biggest problems since the new government came on board is food inflation and the new numbers prove that nothing has changed. With 40.53% recorded in April 2024, the year-on-year food inflation rate rose by 15.92% points from April 2023’s 24.61%. However, much like the headline inflation rate, the country’s food inflation rate reduced when compared on a month-on-month basis. The recorded food inflation rate for April 2024 was 2.50%, dropping 1.11% from the 3.62% recorded in March 2024.
SOURCE: BUSINESS INSIDER