Headline Inflation Printed at 33.69% y/y in April 2024

The April 2024 Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) revealed that headline inflation printed at 33.69% y/y compared to its 33.20% y/y print in Mar-2024. This indicates a 49bps climb in the general prices of goods and services within the Nigerian economy. It also represents a 1,147bps increase compared to its 22.22% y/y print in the corresponding period of 2023. The heightened inflationary pressures in Apr-2024 were primarily driven by the escalating costs of food, fuels and transport within the nation.