Inflation in Nigeria Rises to 22.22% in April 2023
The National Bureau of Statistics (NBS) has disclosed that inflation in Nigeria increased to 22.22 per cent in April 2023, in contrast to the 22.04 per cent recorded in March 2023.
This was mainly due to an increase in food prices, as the food inflation rate in the period under review rose by 24.61 per cent on a year-on-year basis, 6.24 per cent higher than the 18.37 per cent achieved in the same period of last year.
The stats office said last month, the nation witnessed increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.
It was stated that on a year-on-year basis, in April 2023, the urban inflation rate was 23.39 per cent, 6.05 per cent higher than 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, which was 0.05 per cent higher than the 2.00 per cent posted in March 2023, while the corresponding 12 months average for the urban inflation rate was 21.50 per cent in April 2023, 4.49 per cent higher than the 17.01 per cent reported in April 2022.
As for rural inflation, it stood at 21.14 per cent on a year-on-year basis, 4.82 per cent higher than the 16.32 per cent recorded in April 2022.
On a month-on-month basis, the rural inflation rate was 1.78 per cent, higher than the 1.72 per cent achieved in March 2023 by 0.06 per cent, while the corresponding 12 months average for the rural inflation rate in April 2023 was 20.18 per cent, 4.27 per cent higher than the 15.91 per cent recorded in April 2022.
On a year-on-year basis, inflation last month rise by 5.40 per cent from 16.82 per cent in the same period of 2022, while the 12 months ending April 2023 over the average of the CPI for the previous 12 months was 20.82 per cent, 4.37 per cent higher than the 16.45 per cent recorded in April 2022
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