Nigeria’s Inflation Jumps To 33.69%, As Average Food Prices Closes At 40.53% In April

Nigeria’s National Bureau of Statistics (NBS), on Wednesday published the Consumer Price Index for the the month of April showing that headline inflation maintained its uptrend, rising by 49 basis points to 33.69% year-on-year in April from 33.20% yoy.

On a month-on-month basis however, headline inflation eased further by 73bps to 2.29% from 3.02% in the previous month.

Food inflation jumped by 52bps to 40.53% yoy, up from 40.01% in March, buoyed by the rise in prices of millet flour, garri, bread, wheat flour prepacked, semovita (which are under Bread and Cereals Class), yam tuber, water yam, cocoyam (under Potatoes, Yam and other Tubers Class), coconut oil, palm kernel oil, and vegetable oil, among others.

On a month-on-month basis, food inflation fell by 2.50%, from 3.62% recorded in the previous month.

On a year-on-year basis, in the month of April 2024, the Urban inflation rate was 36.00%, which was 12.61% points higher when compared to the 23.39% recorded in April 2023. On a month-on-month basis, the urban inflation rate was 2.67% in April 2024, 0.50% points lower compared to 3.17% in March 2024.

The rural inflation rate in April 2024 was 31.64% on a year-on-year basis, representing a 10.50% increase compared to the 21.14% recorded in April 2023.

In April 2024, All Items inflation rate on a Year-on-Year basis peaked in Kogi at 40.84%; followed closely by Bauchi’s 39.91%, while Oyo was next with 38.37%.

Headline inflation rate, however recorded the slowest rise in Borno where prices of goods and services rose at an average of 26.09%; ahead of 27.53% in Benue; and Taraba, 28.69%. On a Month-onMonth basis, however, April 2024 recorded the highest increases of 4.52% in Lagos, followed by Ondo with 3.35%; and Edo, 3.27%. It was slowest in Kano at 0.30%; Ebonyi, 0.97%; and Adamawa, 1.25%.

In April 2024, food inflation on a Year-on-Year basis, the report continued, was highest in Kogi with 48.62%; Kwara, 46.73%; Ondo, 45.87%; while Adamawa at 33.61%, Bauchi, 33.85%; and Nasarawa, 34.03% recorded the slowest rise in Food inflation on Year-on-Year basis.

On a Monthon-Month basis, however, April 2024 Food inflation was highest in Lagos at 4.74%; Edo, 4.06%; and Yobe, 3.99%; while Kano with 0.47%; Adamawa, 0.98%; and Zamfara, 1.50% recorded the slowest rise in Food inflation on Month-on-Month basis.

Similarly, core inflation (All items less farm produce and energy) rose by 94bps to 26.84% yoy from 25.90% yoy in the  previous month, the highest which were seen “in prices of Actual and Imputed Rentals for Housing, Journey by motorcycle, Bus Journey within a city (under Passenger Transport by Road Class), Consultation Fee of a medical doctor, X-ray photography etc. (under Medical Services Class), and Accommodation Services.

“Elsewhere, the core index moderated by 34bps to 2.20% m/m in April 2024 compared to the previous month (2.54% m/m).