Minister of Finance, Zainab Ahmed
Nigeria’s inflation rate jumps by 0.18% to 22.22% in April
Nigeria’s inflation rate for April has reached 22.22 per cent topping March figures of 22.04 per cent by 0.18 per cent, according to data released by the National Bureau of Statistics (NBS).
This latest data was contained in the CPI report released on Saturday.
According to the report, in April 2023, the headline inflation rate rose to 22.22 per cent relative to March 2023 headline inflation rate which was 22.04 per cent.
From the figures, the April 2023 inflation rate showed an increase of 0.18 per cent points when compared to March 2023 headline inflation rate.
In its ‘CPI and Inflation Report 2023’, the NBS said ‘All-Items Index’ in April 2023 was 1.91 per cent, which was 0.05 per cent points higher than the rate recorded in March 2023 (1.86 per cent) on a month-on-month basis.
“Looking at the movement, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate,” the report indicated.
“This means that in April 2023, on average, the general price level was 0.05% higher relative to March 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.”
Similarly, the report added, on a year-on-year basis, the headline inflation rate was 5.40% points higher, compared to the rate recorded in April 2022, which was 16.82%.
“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).”
