Nigeria’s headline inflation rises to 22.22% in April – NBS

The National Bureau of Statistics (NBS) said on Monday that Nigeria’s headline inflation rate rose to 22.22 per cent in April from 22.04 per cent in March.

In its Consumer Price Index (CPI) report for the month, the agency revealed that food inflation rose from 24.45 percent in March to 24.61 percent in April.

The report read: “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.”

The food inflation was fueled by increases in prices of oil and fat, Bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.

The core inflation moved upward as well to 20.14 percent in compared to 14.18 percent recorded in April 2022.

“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.”