By our reporter| Nigeria’s Consumer Price Index, (CPI) climbed 1.76 points higher to rise to 16.82 in the month of April. A 5-month high.
According to a report released by the National Bureau of Statistics (NBS) on Tuesday, the increase is the highest recorded since Nigeria’s inflation figure dropped to 15.40 in November to maintain an eight months downward trend.
However, on a year-on-year basis, NBS said inflation figure was 1.3 percent points lower compared to the rate recorded in April 2021 (18.12).
While stating that increases were recorded in all COICOP divisions that yielded the Headline index, the composite food index rose to 18.37 percent in April 2022 compared to 22.72 percent in April 2021.
According to the report, the rise in the food index was caused by increases in the prices of bread and cereals, food products, potatoes, yam, and other tubers, wine, fish, meat, and oils.
While on a month-on-month basis, the food sub-index increased to 2.00 percent in April 2022, an increase of 0.01 percent points from 1.99 percent recorded in March 2022.
“All items less farm produce or Core inflation”, which excludes the prices of volatile agricultural produce stood, at 14.18 percent in April 2022, up by 1.44 percent when compared with 12.74 percent recorded in April 2021, the report read in part.
It identified the highest increases in prices of gas, liquid fuel, cleaning, repair, and hire of clothing, clothing materials, other articles of clothing, and clothing accessories.
Similarly, urban inflation rate rose to 17.35 percent (year-on-year) in April 2022 from 18.68 percent recorded in April 2021, while the rural inflation rate increased to 16.32 percent in April 2022 from 17.57 percent in April 2021.
But on a month-on-month basis, the urban index rose to 1.78 percent in April 2022, up by 0.02 from the rate recorded in March 2022 (1.76), while the rural index also rose to 1.74 percent in April 2022, up by 0.01 from the rate that was recorded in March 2022 (1.73) percent.
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