On May 15, 2024, Nigeria updated its Consumer Price Index (CPI) data, revealing a year-over-year increase to 33.69% for April 2024. This marks a slight rise from March's 33.20%, indicating a persistent inflationary trend in the nation's economy.
In the context of a year-over-year comparison, the CPI in April 2024 suggests that prices for consumer goods and services have increased by 33.69% compared to the same period in the previous year. Similarly, the 33.20% CPI in March 2024 reflected the annual inflationary changes from March 2023.
This continuation in the upward trajectory of the CPI underscores ongoing economic challenges that could have significant implications for both policymakers and consumers in Nigeria. As the nation grapples with these inflationary pressures, the latest figures reveal the urgency of addressing underlying economic issues to stabilize prices and safeguard the welfare of its citizens.
