Fatshimetrie has just published its latest report on the Consumer Price Index (CPI) and inflation for the month of April. This publication reveals crucial data on price developments and its impact on the country’s economy.
According to the report, inflation reached 37.69% in April 2024, an increase of 0.49 points from the previous month. This increase is mainly attributed to the food, housing, energy, clothing, transport, education and health sectors.
Annual inflation for April 2024 stands at 11.47%, representing a significant increase from the previous year. This upward trend is worrying for consumers and economic analysts, as it could lead to additional pressure on household purchasing power.
The report highlights the factors responsible for this inflation, including soaring prices of basic foodstuffs such as garri, millet, cassava, dried fish and vegetable oils. These price increases directly impact household budgets, particularly the most vulnerable.
Analyzing data over a 12-month period, the average CPI increased by 28.10% from the previous year. This widespread inflation raises concerns about the country’s economic stability and calls for urgent measures from the authorities to contain this inflationary spiral.
Food inflation also recorded a sharp rise, reaching 40.53% year-on-year. This increase is mainly due to the surge in prices of cereals, tubers, oils and dairy products. Consumers are already feeling the impact of this inflation on their monthly food budget.
At the same time, core inflation, which excludes volatile food and energy products, also increased significantly to reach 26.84% in April 2024. This increase shows that inflation affects all sectors of the economy, which which further complicates the situation for households and businesses.
Urban and rural inflation figures confirm the reality of this economic crisis, with rates rising to 36% and 31.64% respectively. These figures demonstrate the particular challenges faced by residents of urban and rural areas, with significant economic and social repercussions.
Regionally, the report reveals significant variations in inflation, with regions like Kogi, Bauchi and Oyo showing high rates, while others like Borno and Benue recording more moderate rates. This regional disparity highlights the economic and social inequalities that persist in the country.
In conclusion, Fatshimetrie’s report highlights the urgency of action to contain inflation and its devastating effects on the economy and the population. Authorities and economic actors must work together to put in place effective measures to stabilize prices, stimulate economic growth and improve the well-being of citizens. The stakes are high, and only concerted action will make it possible to meet this major economic challenge.