Despite Naira gain in April, inflation surged to 33.69 percent

Despite the naira making considerable gains in April, the prices of goods and services escalated reaching a new figure of 33.69 percent.

According to data from the National Bureau of Statistics, 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 rate recorded in April 2023 (24.61 percent).

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 (which are under Bread and Cereals Class), Yam Tuber, Water Yam, cocoyam (under Potatoes, Yam and other Tubers Class), Coconut Oil, Palm Kernel Oil, Vegetable Oil, etc (under Oil and fat), Dried Fish Sadine, Catfish Dried, Mudfish Dried (under Fish class), Beef Head, Beef Feet, Liver, Frozen Chicken (under Meat class), Mongo, Banana, Grapefruit (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).”

But on a month-on-month basis, it noted that the Food inflation rate in April 2024 was 2.50 percent, which shows a 1.11 percent decrease compared to the rate recorded in March 2024 (3.62% percent).

It attributed the reduction to the fall in the rate of increase in the average prices of Yam, Water Yam, Irish Potatoes (under Potatoes, Yam & Other Tubers Class), Beer, Local Beer (under Tobacco Class), Milo, Bournvita, Nescafe (under Coffee, Tea, and Coco Class), Groundnut Oil, Palm Oil (under Oil and Fats Class), Egg, Fresh Milk, Powered Milk, Tin Milk (under Milk, Cheese, and Eggs Class), Soft Drinks e.g. Malt Guinness, Coco-cola, etc, Spirit (Local Production), Chelsea, Seaman Schnapps (under Spirit Class), Wine and Fruit e.g., Water Melon, Pineapple, Banana, Pawpaw, etc.”