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Nigeria’s Inflation Rises To 16.82% In April

Nigeria’s inflation has worsened to 16.82 per cent in April, up from the 15.92 per cent recorded in March.

The new rate was disclosed on Monday in the Consumer Price Index (CPI) for April, 2022, released by the National Bureau of Statistics.

When compared to April 2021, the price decelerated by 1.3 per cent points from the 18.12 per cent inflation figure to 16.82 per cent.

The NBS said, “In April 2022, the consumer price index, (CPI) which measures inflation increased to 16.82 per cent on a year-on-year basis. This is 1.3 percent points lower compared to the rate recorded in April 2021 (18.12) percent. This means that the headline inflation rate slowed down in April when compared to the same month in the previous year.

“On a month-on-month basis, the Headline index increased to 1.76 per cent in April 2022, this is a 0.02 per cent rate higher than the rate recorded in March 2022 (1.74) per cent.

Food inflation according to the NBS also rose to 18.37 per cent compared to the 17.20 per cent recorded in March.

“The composite food index rose to 18.37 percent in April 2022 compared to 22.72 percent in April 2021′” NBS said.

The rise is attributed to the  increases in the prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.

The data further revealed that on a year-on-year basis, inflation was highest in Bauchi (18.93 per cent), Ebonyi (18.88 per cent), and Akwa Ibom (18.80 per cent).

States with the slowest price growth were Sokoto (14.65 per cent), Kwara (15.33 per cent) and Kaduna (15.69 per cent).

Food inflation according to the NBS was also highest in Kogi (22.79 per cent), Kwara (21.56 per cent), and Ebonyi (21.45 per cent).

The lowest rise in food inflation was similarly recorded in Sokoto (14.85 per cent), Kaduna (15.55 per cent) and Anambra (16.68 per cent).

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