Nigeria’s Inflation rate hits 22.22%

THE Nigerian Bureau of Statistics (NBS) has revealed that the country’s inflation rate for the month of April has hit 22.22%, surpassing April’s rate of 22.04%.

The latest data was revealed in the CPI report released over the weekend.

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%. Thr April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

“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%).”

The report said Food Inflation moved from 24.45% in March 2023.to 24.61% in April 2023.

The percentage change in the average CPI for the twelve months ending April 2023 over the average of the CPI for the previous twelve months was 20.82%, showing a 4.37% increase compared to the 16.45% recorded in April 2022.