According to data from the National Bureau of Statistics (NBS), the prices of food commodities in Nigeria surged by 40.53% in April. This increase marks a significant jump of 15.92 percentage points compared to April 2023, when the inflation rate stood at 24.61%.
The report attributes this rise to increases in the prices of various food items, including millet flour, garri, bread, wheat flour, yam, coconut oil, vegetable oil, dried fish, beef, chicken, fruits, and beverages like tea and cocoa.
However, the prices showed a slight decrease compared to March, with a 2.50% increase in April as opposed to a 3.62% increase in March 2024.
Despite the appreciation of the Nigerian currency against the dollar in April, with the naira reaching N1,200 to a dollar, the prices of goods and services continued to rise, disappointing many Nigerians.
On a state-by-state basis, Kogi, Kwara, and Ondo experienced the highest year-on-year increase, while Adamawa, Bauchi, and Nasarawa recorded the slowest rise. Regarding month-on-month increases, Lagos, Edo, and Yobe recorded the highest, while Kano, Adamawa, and Zamfara had the slowest increases.
Furthermore, the headline inflation rate for April stood at 33.69%, representing a 0.49 percentage point increase from March 2024.
