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Nigeria’s Inflation Rate Rises To 33.69%

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According to data released by the Nigeria Bureau of Statistics (NBS), the headline inflation rate climbed to 33.69% in April 2024, up from 33.20% in March 2024, representing a notable increase of 0.49 percentage points.

A comparison of year-on-year figures reveals a substantial rise in the inflation rate. In April 2023, the rate stood at 22.22%, indicating a surge of 11.47 percentage points over the past year.

This highlights a significant escalation in headline inflation over the twelve-month period.

Furthermore, analysing month-to-month data, April 2024 saw an inflation rate of 2.29%, marking a decrease from the 3.02% recorded in March 2024, signifying a slower pace of price increases in April compared to the preceding month.

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Chioma Kalu

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