According to data from the Nigerian Bureau of Statistics, the country’s inflation rate for April rose to 22.22% from 22.04% in March.
The CPI report issued on Saturday included the most recent statistics.
The research states that in April 2023, the headline inflation rate increased from 22.04% in March 2023 to 22.22% in April 2023. Looking at the change, the headline inflation rate for April 2023 increased by 0.18% from the headline inflation rate for March 2023.
The headline inflation rate was 6.13 percent points higher on a year-over-year basis than the rate recorded in March 2022, which was 15.92 percent, according to the data department.
Similarly, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate seen in March 2023 (1.86%) on a month-over-month basis. As a result, the overall price level was, on average, 0.05% higher in April 2023 compared to March 2023.
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The survey showed an increase in urban inflation from year to year.
“The urban inflation rate in April 2023 was 23.39%, 6.05% points higher than the 17.35% noted in April 2022. The urban inflation rate in April 2023 was 2.05% every month, which was 0.05% points higher than the rate in March 2023 (2.00%).
Food inflation increased from 24.45% in March 2023 to 24.61% in April 2023.
A 4.37% rise from the 16.45% recorded in April 2022, the average CPI percentage change from the average of the preceding twelve months to the twelve months ending in April 2023 was 20.82%.