There was a 1.11 percent decrease in the inflation rate compared to March 2024, which was 3.62 percent.
“The drop in food inflation month-on-month was due to lower average prices for items like Guinea corn flour, plantain flour, and other products in the bread and cereals category. Prices for yam, water yam, Irish potato, and cocoyam also fell.
“Additionally, prices decreased for beer, local beer, Milo, Bournvita, Nescafe, groundnut oil, palm oil, eggs, fresh milk, powdered milk, tin milk, soft drinks, wine, and fruits,” the report stated.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 26.84 percent in April on a year-on-year basis. “This is an increase of 6.87 percent compared to the 19.96 percent recorded in April 2023.”
The report explained that “the exclusion of PMS is due to the deregulation of the commodity following the removal of subsidies.”
The highest price increases were seen in actual and imputed rentals for housing, motorcycle journeys, bus journeys within cities, medical consultation fees, and X-ray photography, among other items. The NBS noted that on a month-on-month basis, the core inflation rate was 2.20 percent in April 2024.
