City in Nigeria

Nigeria Inflation April 2024

Nigeria: Inflation rises again in April

Inflation came in at 33.7% in April, which was up from March’s 33.2%. April’s reading represented the highest inflation rate since March 1996. Looking at the details of the release, prices for food and for housing and utilities increased at faster rates in April. In contrast, prices for transportation and for clothing and footwear grew at a more subdued pace.

The trend pointed up, with annual average inflation coming in at 28.1% in April (March: 27.1%). Meanwhile, core inflation rose to 26.2% in April, from the previous month’s 25.4%.

Finally, consumer prices rose 2.29% from the previous month in April, a smaller increase than the 3.02% rise recorded in March. April’s result marked the weakest reading since November 2023.

Our panelists see inflation near its peak and forecast a slight slowdown in H2, mainly due to recent monetary policy tightening.

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