Nigeria’s headline inflation rate for the month of April 2023, has risen 0.18% above that of March 2023 to 22.22%, figures released by the National Bureau of Statistics (NBS) on Monday have shown.
“On a year-on-year basis, the headline inflation rate was 6.13 percent points higher compared to the rate recorded in March 2022 which was 15.92 percent.
“Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate recorded in March 2023 (1.86%). This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.”
Urban inflation on a year-to-year basis also rose
“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%).”
Food Inflation 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.
NBS stated: “In April 2023, all items inflation rate on a year-on-year basis was highest in Bayelsa (26.14%), Kogi (25.57%), Rivers (24.95%), while Borno (19.06%), Taraba (19.64%) and Sokoto (19.90%) recorded the slowest rise in headline inflation on a year-on-year basis.
“On a month on month basis, however, April 2023 recorded the highest increases in Cross River (3.05%), Bayelsa (2.92%), Rivers (2.62%), while Katsina (0.52%), Jigawa (0.74%) and Osun (0.96%) recorded the slowest rise on month-on-month inflation.
“In April 2023, food inflation on a year-on-year basis was highest in Kogi (29.50%), Kwara (29.48%), and Bayelsa (29.38%), while Sokoto (19.55%), Taraba (20.20%) and Jigawa (20.68%) recorded the slowest rise in food inflation on a year-on-year basis.
“On a month on-month basis, however, April 2023 food inflation was highest in Cross River (4.65%), Bayelsa (3.61%), and Ekiti (3.49%), while Jigawa (0.14%), Katsina (0.44%) and Osun (0.62%) recorded the slowest rise in food inflation on a month-on-month basis.”