A digital financial chart with upward and downward arrows symbolizes economic growth and challenges, highlighting Ghana’s evolving economy.
Nigeria’s inflation continued its upward trend last month, rising for the 16th straight month. When compared to April 2023’s recorded rate of 22.22%, Nigeria’s headline inflation rate in 2024 rose a whopping 11.47% points. However, the headline inflation rate declined by 0.73% on a month-on-month basis. Where the headline inflation rate for April was 2.29%, the rate recorded for April was 3.02%. One of Nigeria’s biggest problems since the new government came on board is food inflation and the new numbers prove that nothing has changed. With 40.53% recorded in April 2024, the year-on-year food inflation rate rose by 15.92% points from April 2023’s 24.61%. However, much like the headline inflation rate, the country’s food inflation rate reduced when compared on a month-on-month basis. The recorded food inflation rate for April 2024 was 2.50%, dropping 1.11% from the 3.62% recorded in March 2024.
SOURCE: BUSINESS INSIDER