Nigeria’s inflation rates have reached an 8 month high of 18.62 per cent in April, signifying skyrocketing food and gas prices,
The National Bureau of Statistics (NBS) made this known in its Consumer Price Index (CPI) report for April 2022, released on Monday.
While the rate is 1.3 per cent points lower, compared to the rate recorded in April 2021 (18.12%) it is the highest since September 2021.
The headline inflation rate slowed down in April 2022 compared to the same month in the previous year.
The report further showed that increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
“On a month-on-month basis, the headline index increased to 1.76 per cent in April 2022, this is a 0.02 per cent rate higher than the rate recorded in March 2022 (1.74) per cent.
“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 per cent, showing a 0.1 per cent decrease compared to the 16.54 per cent recorded in March 2022.
“The urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased to 16.32 per cent in April 2022 from 17.57 per cent in April 2021,” the report showed.
