Nigeria’s inflation rate continued its upward trend in April, rising to 33.69 percent from 33.20 percent in March, according to recent data from the National Bureau of Statistics(NBS) .
This represents a 0.49 percent point increase month-on-month and an 11.47 percent point increase year-on-year, compared to the 22.22 percent rate recorded in April 2023.
On a month-on-month basis, the headline inflation rate slowed down to 2.29 percent in April, down from 3.02 percent in March. This indicates a slight decrease in the rate of increase in the average price level.
The persistent increase in inflation rate is a concern for policymakers, as it erodes the purchasing power of citizens and affects the overall economy. The government and monetary authorities are expected to take measures to address the rising inflation trend and stabilize the economy.
The data also highlights the need for continued monitoring and analysis of economic indicators to ensure effective policy responses to emerging trends. As the economy continues to evolve, it is essential to stay informed about the latest developments and their implications for the nation’s economic growth and development.
