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Nigeria’s Inflation Hits 33.69% - Politics - Nairaland

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Nigeria’s Inflation Hits 33.69% by peekspot(m): 4:31pm On May 15

Nigeria’s headline inflation rate has increased to 33.69 per cent in April 2024 up from 33.20 per cent recorded in March 2024, the National Bureau of Statistics has said.

This represents a month-over-month increase of 0.49 per cent points in the headline inflation rate, according to the Consumer Price Index report, the NBS stated in a report on Wednesday.

Comparing year-on-year data, the inflation rate in April 2024 was 11.47 percentage points higher than in April 2023, where it stood at 22.22 per cent. This indicates that the headline inflation rate has risen significantly over the past year.

Additionally, on a month-to-month basis, the inflation rate for April 2024 was 2.29 per cent, which is 0.73 per cent lower than the 3.02 per cent recorded in March 2024. This suggests that the rate at which prices increased in April 2024 was slower than the rate in March 2024.

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The report read, ” In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20 per cent. Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.47 per cent points higher compared to the rate recorded in April 2023, which was 22.22 per cent. This shows that the headline inflation rate (year-on-year basis) increased in April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 (3.02 per cent). This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”

Food inflation however reduced by 1.11 per cent caused by a fall in the rate of increase in the average prices of basic food commodities.

“On a month-on-month basis, the Food inflation rate in April 2024 was 2.50% which shows a 1.11 per cent decrease compared to the rate recorded in March 2024 (3.62 per cent). The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices.”

https://punchng.com/just-in-nigerias-inflation-hits-33-69/

1 Like

Re: Nigeria’s Inflation Hits 33.69% by Racoon(m): 4:43pm On May 15
Hehehe! Nigeria's inflation rate now at 33.69% - April 2024.The highest in 28yrs (since Mar 1996). "Nah statistics we go chop?" Gbajue first class CSU certificate forger accountant destroying Nigeria economy with balabloo-blu-bulava mentality.

Now the olodo can see how the minute statistical indices can make or mar the economic life of a nation. Two-digits galloping inflation no be am for an elastic limit over stretched economy like ours.

68 Likes 6 Shares

Re: Nigeria’s Inflation Hits 33.69% by xile: 6:32pm On May 15
Soon will hit 90%

18 Likes

Re: Nigeria’s Inflation Hits 33.69% by AllTheWayUp: 6:32pm On May 15
The Great Tinubulation continues

32 Likes 1 Share

Re: Nigeria’s Inflation Hits 33.69% by Yankee101: 6:32pm On May 15
And Tinubu is still president

16 Likes

Re: Nigeria’s Inflation Hits 33.69% by Validated: 6:33pm On May 15
Well done Tinubu, your DISASTER records are growing in leaps and bounds.

24 Likes

Re: Nigeria’s Inflation Hits 33.69% by zombieHUNTER: 6:33pm On May 15
undecided

Tinubu the first class accountant and the builder of Lagos in the mud

34 Likes

Re: Nigeria’s Inflation Hits 33.69% by BeeBeeOoh(m): 6:33pm On May 15
shocked

Peter Obi is really his lessons

21 Likes 1 Share

Re: Nigeria’s Inflation Hits 33.69% by zombieHUNTER: 6:33pm On May 15
Yankee101:
And Tinubu is still president

The dunce is of no use to anybody

28 Likes 1 Share

Re: Nigeria’s Inflation Hits 33.69% by Lanre4uonly(m): 6:33pm On May 15
It is well.

1 Like

Re: Nigeria’s Inflation Hits 33.69% by Stephen0mozzy: 6:34pm On May 15
Where are we going?

4 Likes

Re: Nigeria’s Inflation Hits 33.69% by christejames(m): 6:34pm On May 15
Tinubu the economic masterplanner on the beat again

14 Likes

Re: Nigeria’s Inflation Hits 33.69% by MEEVEET: 6:35pm On May 15
Nigerians would learn economics by force

Provide adequate credit facilities for major industries... Nope

Provide real infrastructure needed by industries... Nope

Provide tax relief for industries to boast production... Nope

Streamline export documentation and requirements nope

Allow smooth import of raw materials we don't have comparative advantage of... Nope

No let's build rail way between Abuja Kaduna, Lagos Ibadan that are more expensive than buses and won't even be used to move goods

Let's build a costal road to calabar when the road leading to Calabar is bad for 15 trillion

Lets borrow 750 billion to give people free meters

Lets borrow billions of dollars to defend naira at an unsustainable rate so we can brag about it


The let's provide 75 billion for SMEs and make the process to access it difficult

Less give people 30 dollars or 50k naira to start nano business

Then we sit and wonder why the economy is not growing
Then ask what anymore could have done different

20 Likes 2 Shares

Re: Nigeria’s Inflation Hits 33.69% by CountinBlessins(m): 6:36pm On May 15
Fūck inflation, the executive the whole corrupt staff and legislature. Fūck Tinubu and his supporters

Fūck APC PDP and LP

8 Likes 1 Share

Re: Nigeria’s Inflation Hits 33.69% by Kelklein(m): 6:36pm On May 15
it's clearly the government púnishing Nigerians right now with their ego and wickedness..

You make a policy.. it is harsh and clearly not working.. the smart and honorable thing to do and quickly too is to make a reversal. They refuse. Kenya did it. They quickly and wisely made a reversal and took other options. Now they are growing and better for it.

You can't be the only one living big while Nigerians live in pains and misery..

A government's promise of a better tomorrow is a scam.. whereas they are living and stealing big now.. why are they not waiting for tomorrow if tomorrow is so important to them..

Nigerians need to wake up from this poverty-induced trance and demand a better deal.
That seems to be what would make this people do better.

Nigerians deserve better abeg 🤔🤔

6 Likes 1 Share

Re: Nigeria’s Inflation Hits 33.69% by ThiefnubuBandit(f): 6:36pm On May 15
Gbola Teefnubu idiotic online miscreants will soon come and tell us how Nigeria is faring better because Bolivia's inflation has hit 70% or how Madagascar's inflation has hit 90%.

12 Likes 2 Shares

Re: Nigeria’s Inflation Hits 33.69% by afbstrategies: 6:36pm On May 15
Sad

1 Like

Re: Nigeria’s Inflation Hits 33.69% by XtraFortunes: 6:36pm On May 15
angry
Re: Nigeria’s Inflation Hits 33.69% by Matheusmartin: 6:37pm On May 15
....
Slow down, more shege banza on the way..
grin

12 Likes

Re: Nigeria’s Inflation Hits 33.69% by wealthyvic1: 6:37pm On May 15
Exousiang01:
And the airheads NLC and Obidients are demanding for N615k minimum wage.

LoL NLC want to tell us they dont have anyone to explain the implications.....


Instead of encouraging exportation na minimum wage....
Nothing will change untill we start exporting.
Not government but as private.
Government will not exporr castor beans for you, na your farm.
You are not doing the government a favour when you produce for exportation na you dey collect the money...
I am done
Obidients come an insult me.
Loyal animals will not fail to come

Keep your dirty mouth shut

18 Likes 2 Shares

Re: Nigeria’s Inflation Hits 33.69% by Mrniceguy007: 6:37pm On May 15
Exousiang01:
And the airheads NLC and Obidients are demanding for N615k minimum wage.

LoL NLC want to tell us they dont have anyone to explain the implications.....


Instead of encouraging exportation na minimum wage....
Nothing will change untill we start exporting.
Not government but as private.
Government will not exporr castor beans for you, na your farm.
You are not doing the government a favour when you produce for exportation na you dey collect the money...
I am done
Obidients come an insult me.
Loyal animals will not fail to come
Sometimes I dey wonder if una get pity at all for the common man, must una defend this total failure of a government, which kind human being una be self? Na today na Nigeria no dey export, if Tinubu no fit move the country forward why he no leave am the way he take meet. To be honest eeh, if say me and you dey the same place wen you type dis rubbish I for elbow eye make blood rush out
Come make I give you farm make you farm, if you survive each month without fulani herdsmen harassment I go dey give you bonus
Export export my foot, na the farm wen fulani take dey kill people anyhow and you want take grow something to export or for where?

18 Likes 4 Shares

Re: Nigeria’s Inflation Hits 33.69% by flyca: 6:38pm On May 15
Lanre4uonly:
It is well.
IT IS NOT!

1 Like

Re: Nigeria’s Inflation Hits 33.69% by bluefilm: 6:40pm On May 15
He's doing well

4 Likes

Re: Nigeria’s Inflation Hits 33.69% by ThiefnubuBandit(f): 6:40pm On May 15
Supporting Teefnubu is a yardstick to measure stupidity.

10 Likes

Re: Nigeria’s Inflation Hits 33.69% by MEEVEET: 6:43pm On May 15
Kelklein:
its clearly the government púnishing Nigerians right now with their ego and wickedness..

You make a policy.. it is harsh and clearly nit working.. the smart and honorable thing to do and quickly too is to make a reversal. They refuse.

You can't be the only one living big while Nigerians live in pains and penury..

A government's promise of a better tomorrow is a scam.. whereas they are living and stealing big now.. why are they not waiting for tomorrow if tomorrowis do important to them..

Nigeriansneed to wake up from this poverty-induced trance qnd demand a better deal.
That seem to be what these people would make this people do better.

Nigerians deserve better abeg 🤔🤔
They are not... This people don't know anything of how development works

Sadly that's how 98% of Nigerians think

Most Nigerians can't even point of the mistake or error APC is making

They feel it's corruptions lmao

2 Likes

Re: Nigeria’s Inflation Hits 33.69% by Blaze14k: 6:44pm On May 15
At this point I don't think anyone cares

4 Likes

Re: Nigeria’s Inflation Hits 33.69% by GrandFinale2021(m): 6:48pm On May 15
Exousiang01:
And the airheads NLC and Obidients are demanding for N615k minimum wage.

LoL NLC want to tell us they dont have anyone to explain the implications.....


Instead of encouraging exportation na minimum wage....
Nothing will change untill we start exporting.
Not government but as private.
Government will not exporr castor beans for you, na your farm.
You are not doing the government a favour when you produce for exportation na you dey collect the money...
I am done
Obidients come an insult me.
Loyal animals will not fail to come
see this useless muslim head slammer.
Thunder fire you

6 Likes

Re: Nigeria’s Inflation Hits 33.69% by Kelklein(m): 6:51pm On May 15
MEEVEET:

They are not... This people don't know anything of how development works

Sadly that's how 98% of Nigerians think

Most Nigerians can't even point of the mistake or error APC is making

They feel it's corruptions lmao

You can still have development without subjecting everyone to all of these.. high price hiking over a short period is not good governance..

no nation in the world has ever taxed it way to greatness. Most of the great nations you see paying high tax today are already great before doing that.. they become great via massive industrialization. Taxing and borrowing are what làzy leaders do as an easy way to go.. here, we have customs raising import duties on a daily basis in a struggling economy 🤔

a purposeful leader would be thinking of reviving the steel sector sincerely, bringing back the textile sector sincerely, putting together Auto Assemblies around the country..

Massive production via industrialization, Sincere and Purpose leadership, Judicious application of resources, blocking leakages and putting the right people in positions can achieve so much for us..

6 Likes

Re: Nigeria’s Inflation Hits 33.69% by Hiploko(m): 6:53pm On May 15
Inflation in Nigeria is 300%

Eg Plastic coke was 150 now it is 450

6 Likes

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