- Electricity, housing, water, gas, and other fuels collectively contributed 5.64% to Nigeria’s inflation rate for April 2024.
- April 2024 saw a headline inflation rate of 33.69%, an 11.47% increase from April 2023, when it stood at 22.22%.
- Urban inflation surged to 36.00% annually, while rural inflation reached 31.64% for April 2024, underscoring distinct economic patterns across different regions.
The latest Consumer Price Index (CPI) and inflation report released by the National Bureau of Statistics (NBS) sheds light on Nigeria’s economic landscape, revealing significant trends in the inflation rate for April 2024. According to the report released on Wednesday, May 15, key factors, including electricity, housing, water, gas, and other fuels, collectively contributed 5.64% to the nation’s inflation rate.
The headline inflation rate surged to 33.69% in April 2024, marking an uptick from the 33.20% recorded in March 2024. The report highlights a stark year-on-year contrast, with April 2024 exhibiting an inflation rate 11.47% points higher than that of April 2023, which stood at 22.22%.
This signifies a substantial increase in the headline inflation rate year-on-year, underscoring the economic shifts over the past year. Examining the month-on-month fluctuations, the report reveals a headline inflation rate of 2.29% for April 2024, marking a 0.73% decrease from the preceding month’s rate of 3.02%.
This suggests a moderated pace in the average price level increase compared to March 2024. Further analysis of the Consumer Price Index for the twelve months leading up to April 2024 indicates a 28.10% increase, signifying a notable 7.28% rise compared to the previous year’s figure of 20.82% in April 2023.
This sustained growth underscores ongoing economic dynamics and their impact on consumer purchasing power and price levels. The report delineates distinct inflation patterns by breaking the data into urban and rural sectors.
In urban areas, the inflation rate surged to 36.00% annually in April 2024, indicating a significant 12.61% increase from the 23.39% recorded in April 2023. On a month-on-month basis, urban inflation stood at 2.67% in April 2024, marking a 0.50% decrease from March 2024’s rate of 3.17%.
In rural areas, the year-on-year inflation rate for April 2024 reached 31.64%, marking a substantial 10.50% increase from the 21.14% recorded in April 2023. Similarly, the month-on-month rural inflation rate for April 2024 stood at 1.92%, reflecting a 0.95% decrease from March 2024’s rate of 2.87%.
Notably, the Nigerian Electricity Regulatory Commission (NERC) recently directed distribution companies (DisCos) to reduce electricity tariffs from N225 per kilowatt hour to N206 per kilowatt hour.