Nigeria’s annual inflation rate rose to 22.22 per cent in April from 22.04 per cent in the previous month, the National Bureau of Statistics (NBS) said Monday.
The statistics office said the April 2023 inflation rate increased by 0.18 per cent compared to the March 2023 headline inflation rate.
The NBS said on a year-on-year basis; the headline inflation rate was 5.40 per cent points higher compared to the rate recorded in April 2022, which was 16.82 per cent.
“This shows that the headline inflation rate on a year-on-year basis increased in April 2023 when compared to the same month in the preceding year (i.e., April 2022),” it said.
According to the report, the food inflation rate quickened to 24.61 per cent in April from 24.46 per cent in March.
“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.
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“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%).”
Meanwhile, the food inflation rate in April 2023 was 24.61 per cent on a year-on-year basis, which was 6.24 per cent points higher than the rate recorded in April 2022 (18.37 per cent).
The bureau said the rise in food inflation was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.
“On a month-on-month basis, the food inflation rate in April 2023 was 2.13 per cent; this was 0.06 per cent points higher compared to the rate recorded in March 2023 (2.07 per cent).
“The average annual rate of food inflation for the twelve months ending April 2023 over the previous twelve months average was 23.22 per cent, which was a 4.35 per cent points increase from the average annual rate of change recorded in April 2022 (18.88 per cent),” it said.
The report added that the core inflation, which excludes the prices of volatile agricultural produce, stood at 20.14 per cent in April 2023 on a year-on-year basis, up by 5.96 per cent compared to the 14.18 per cent recorded in April 2022.
It said the highest increases were recorded in gas prices, passenger transport by air, liquid fuel, vehicle spare parts, fuels, and lubricants for personal transport equipment, medical services, passenger transport by road, etc.
“On a month-on-month basis, the Core inflation rate was 1.46 per cent in April 2023. It stood at 1.84 per cent in March 2023, down by 0.38 per cent.
“The average twelve months annual inflation rate was 17.91 per cent for the twelve months ending April 2023; this was 4.23 per cent points higher than the 13.68 per cent recorded in April 2022,” it said.