The Nigeria Bureau of Statistics has said the Inflation in April 2022 increased to an 8-month high of 16.82 percent amid rising food prices and weak Naira which has made the cost of importation very expensive.
The agency stated this in its latest ‘Consumer Price Index April 2022’ report which measures the rate of increase in the price of goods and services
The report described the latest inflation figure an increase from 15.92 percent recorded in March.
NBS also stated that April 2022 inflation rate 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.
Breaking down the report shows the composite food index rose to 18.37 per cent in April 2022 compared to 22.72 per cent in April 2021.
This rise in the food index, according to the bureau, was caused by increases in the prices of bread and cereals; food products—- potatoes, yam and other tubers; wine, fish, meat, and oils.
On a month-on-month basis, the food sub-index increased to 2.00 percent in April 2022, up by 0.01 per cent points from 1.99 per cent recorded in March 2022.
The average annual rate of change of the Food sub-index for the 12-month period ending April 2022 over the previous 12-month average is 18.88 percent, 0.34 per cent points from the average annual rate of change recorded in March 2022 (19.21) per cent.
Other parts of the report read, ”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.”