The Nigerian Bureau of Statistics has revealed that the country’s inflation rate for the month of April has hit 22.22% surpassing last month’s rate of 22.04 per cent.
This latest data was contained in the CPI report released on Saturday, May 13.
According to the report, in April 2023, the headline inflation rate rose to 22.22 per cent relative to March 2023 headline inflation rate which was 22.04 per cent.
Looking at the movement, the April 2023 inflation rate showed an increase of 0.18 per cent points when compared to March 2023 headline inflation rate
“On a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to the rate recorded in March 2022 which was 15.92 per cent,” the data bureau said.” it read.
“Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91 per cent, which was 0.05 per cent 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 per cent, this was 6.05 per cent points higher compared to the 17.35 per cent recorded in April 2022. On a month-on-month basis, the urban inflation rate was 2.05 per cent in April 2023, this was 0.05 per cent points higher compared to March 2023 (2.00%).”
As for Food Inflation, it moved from 24.45 per cent in March 2023.to 24.61 per cent 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 per cent, showing a 4.37 per cent increase compared to the 16.45 per cent recorded in April 2022.
