APA – Lagos (Nigeria)
The National Bureau of Statistics (NBS) says that Nigeria’s headline inflation rate for the month of April 2023 rose to 22.22 per cent relative to the headline inflation figure of 22.04 per cent recorded for March 2023.
The monthly report of the Consumer Price Index released on Monday in Abuja showed an increase of 0.18 per cent points when compared to March 2023 headline inflation rate.
It added that on a year-on-year basis, the headline inflation rate was 5.40 per cent points higher compared to the rate recorded in April 2022, which was 16.82 per cent.
According to the report, the headline inflation rate on a year-on-year basis increased in April 2023 when compared to the same month of April 2022.
“Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91 per cent, which was 0.05 per cent points higher than the rate recorded in March 2023 (1.86 per cent).
“This means that in April 2023, on average, the general price level was 0.05 per cent higher relative to March 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 per cent, showing a 4.37 per cent increase compared to the 16.45 per cent recorded in April 2022,” it said.
The report also showed an increase in urban inflation on a year-to-year basis and that in April 2023, the urban inflation rate was 23.39 per cent, representing 6.05 percentage points higher compared to the 17.35 per cent recorded in April 2022.
On a month-on-month basis, the urban inflation rate was 2.05 per cent in April 2023, representing 0.05 percentage points higher compared to March 2023 (2.00 per cent).
It stated that Food Inflation moved from 24.45 per cent in March 2023.to 24.61 per cent in April 2023, while 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 per cent, showing a 4.37 per cent increase compared to the 16.45 per cent recorded in April 2022.
GIK/APA