Despite the Naira making a considerable gain in April, the prices of goods and services escalated, this, according to data from the national bureau of statistics (NBS). The headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20 percent.
It noted that the movement of inflation in April showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.
The report added that food inflation rate in April 2024 was 40.53 percent on a year-on-year basis, which was 15.92 percent points higher compared to the 24.61% recorded in April 2023.
The rise in food inflation on a year-on-year basis was caused by increases in prices of millet flour, garri, bread, wheat flour prepacked, semovita amongst others.
