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The National Bureau of Statistics, NBS, on Wednesday, May 15, said inflation rate increased to 33.69% in April 2024. This is up from the 33.20% of March 2024.

This was disclosed in a document titled, “Consumer Price Index April 2024“. The document revealed that the rate of increase showed 0.49% points in comparison to that of the previous month.

The statement read, “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%.

“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.”

The data also noted that on a year-on-year basis, the headline inflation rate was 11.47% points higher. This is when compared to the rate recorded in April 2023, which was 22.22%.

The report said this shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).

According to NBS, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).

It said this means that in the month of 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.

 

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