The Nigerian Bureau of Statistics (NBS) has revealed that in April 2023, the country’s inflation rate reached 22.22%, surpassing the previous month’s rate of 22.04%.
This information was disclosed in the CPI report published on Saturday.
The report indicated that the April 2023 headline inflation rate experienced a 0.18% increase compared to the March 2023 rate.
On a year-on-year basis, the headline inflation rate was 6.13% higher than the rate recorded in March 2022, which stood at 15.92%.
Similarly, on a month-on-month basis, the All-Items Index for April 2023 rose by 1.91%, marking a 0.05% increase compared to March 2023.
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Consequently, in April 2023, the overall price level was 0.05% higher on average compared 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%).”
As for Food Inflation, it moved from 24.45% in March 2023.to 24.61% 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%, showing a 4.37% increase compared to the 16.45% recorded in April 2022.
