Nigeria’s inflation rises to 22.22%

Our reporter/The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 22.22 percent in April 2023, up from 22.04 percent in March.

The National Bureau of Statistics (NBS) stated this in the latest CPI report made public on Monday.

The April increase comes across as the fourth consecutive surge in the country’s inflation figure since the year began.

According to the report, in April 2023, the headline inflation rate rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%. Looking at the movement, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

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“On a year-on-year basis, the headline inflation rate was 6.13 percent points higher compared to the rate recorded in March 2022 which was 15.92 percent,” the data bureau said.” it read.

“Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate recorded in March 2023 (1.86%). This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.”

The report also showed an increase in urban inflation on a year-to-year basis
“In April 2023, the urban inflation rate was 23.39%, this was 6.05% points higher compared to the 17.35% recorded in April 2022. On a month-on-month basis, the urban inflation rate was 2.05% in April 2023, this was 0.05% points higher compared to March 2023 (2.00%).”

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As for Food Inflation, it moved from 24.45% in March 2023.to 24.61% in April 2023.

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