Nigeria’s inflation rate has persisted in its upward trajectory, marking the 16th consecutive month of increase, according to recent data released by the National Bureau of Statistics (NBS). The headline inflation rate for April 2024 surged significantly compared to the same period in 2023, rising by 11.47 percentage points from the recorded rate of 22.22%.
Despite this alarming trend, there was a slight decrease in the headline inflation rate on a month-on-month basis, with April 2024 registering a rate of 3.02%, down by 0.73% from the previous month’s rate of 2.29%. However, the persistent rise in inflation underscores ongoing economic challenges faced by Nigeria, particularly in the realm of food inflation.
Food inflation has remained a critical issue since the inception of the new government, and recent figures indicate that little has changed in this regard. April 2024 saw a food inflation rate of 40.53%, marking a significant increase of 15.92 percentage points from April 2023’s rate of 24.61%. Despite this substantial year-on-year rise, there was a marginal reduction in the food inflation rate on a month-on-month basis, with April 2024 recording a rate of 2.50%, down by 1.11% from March 2024’s rate of 3.62%.
The persistence of high inflation rates poses significant challenges to Nigeria’s economy, affecting the cost of living for citizens and exacerbating existing socioeconomic disparities. Addressing inflationary pressures, particularly in the food sector, remains a top priority for policymakers as they navigate strategies to stabilize the economy and promote sustainable growth.
Source: Business Insider
