Nigeria: Inflation remains stable in April
Consumer prices rose 1.02% over the previous month in April, picking up from the 0.84% increase seen in March. April’s acceleration was primarily driven by faster growth of food prices.
Inflation held steady at March’s 12.3% in April, marking the highest reading since April 2018 and remaining well above the Central Bank’s target range of 6.0%–9.0%. Annual average inflation ticked up to 11.7% in April (March: 11.6%).
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.93% month-on-month in April, above March’s 0.80% increase. Lastly, core inflation climbed to 10.0% from 9.7% in the previous month.