According to the Nigerian Bureau of Statistics, the inflation rate in Nigeria for April has increased to 22.22%, exceeding last month’s rate of 22.04%.
As per the report, the headline inflation rate increased from 22.04% in March 2023 to 22.22% in April 2023. This indicates a rise of 0.18% points between the two months.
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.”
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%).”
For Food Inflation, it moved from 24.45% in March 2023 to 24.61% in April 2023.