Inflation hits 16.82% mark in April—NBS

Nigeria’s inflation, rate at which prices of goods and services in the Nigerian market place are changing, rose to 16.82% in April 2022, following a similar uptick recorded in the previous month as a result of the increase in energy and food prices. This represents the highest rate recorded since August 2021. This is according to the report on Consumer Price Index, released by the National Bureau of Statistics (NBS). NBS report said “The consumer price index, which measures the rate of inflation rose by 16.82% year-on-year in April 2022, which is 0.9% points higher than the 15.92% recorded in the previous month (March 2022). On a month-on-month basis, the headline index increased by 1.76% in April 2022, compared to 1.74% increase recorded in the previous month.

In April 2022, the consumer price index, (CPI) which measures inflation increased to 16.82 percent 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. Increases were recorded in all COICOP divisions that yielded the Headline index. 

On a month-on-month basis, the Headline index increased to 1.76 percent in April 2022, this is a 0.02 percent rate higher than the rate recorded in March 2022 (1.74) percent. The percentage change in the average composite CPI for the twelve months period ending April 2022 over the average of the CPI for the previous twelve months period is 16.45 percent, showing a 0.1 percent decrease compare to the 16.54 percent recorded in March 2022. The urban inflation rate increased to 17.35 percent (year-on-year) in April 2022 from 18.68 percent recorded in April 2021, while the rural inflation rate increased to 16.32 percent in April 2022 from 17.57 percent in April 2021.