According to the National Bureau of Statistics (NBS), inflation in Nigeria increased to 22.22 percent in April 2023, up from 22.04 percent in March 2023.
This was primarily due to an increase in food prices, as the year-on-year food inflation rate in the period under review was 24.61 percent, 6.24 percent higher than the 18.37 percent achieved in the same period last year.
According to the statistics office, the nation saw price increases in oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables, and spirits last month.
It was stated that the year-on-year urban inflation rate in April 2023 was 23.39 percent, which was 6.05 percent higher than the 17.35 percent recorded in April 2022.
On a month-to-month basis, the urban inflation rate was 2.05 percent in April 2023, 0.05 percent higher than the 2.00 percent reported in March 2023, while the corresponding 12-month average was 21.50 percent in April 2023, 4.49 percent higher than the 17.01 percent reported in April 2022.
Rural inflation was 21.14 percent year on year, which was 4.82 percent higher than the 16.32 percent recorded in April 2022.
The rural inflation rate in April 2023 was 1.78 percent, 0.06 percent higher than the 1.72 percent achieved in March 2023, while the corresponding 12-month average for the rural inflation rate in April 2023 was 20.18 percent, 4.27 percent higher than the 15.91 percent recorded in April 2022.
Year on year, inflation rose by 5.40 percent last month, up from 16.82 percent in the same period in 2022, while the 12-month average of the CPI for the previous 12 months was 20.82 percent, 4.37 percent higher than the 16.45 percent recorded in April 2022.
