Nigeria’s Inflation Hits 16.82% In April – NBS

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s Consumer Price Index rose to 16.82 percent in April from 15.92 per cent in March.

In its ‘Consumer Price Index April 2022’ report released on Monday, the Bureau said the latest recording is the highest jump in eight months.

The NBS said in the report that the rate is 1.3 per cent points lower compared to 18.12 per cent recorded in April 2021, adding that the new annual rate is the highest since September 2021 when the inflation rate rose by 16.63 percent.

The NBS said that the headline inflation rate slowed down in April 2022 compared to the same month in the previous year.

The report said the urban inflation rate increased to 17.35 percent (year-on-year) in April 2022 from 18.68 percent recorded in April 2021, while the rural inflation rate increased to 16.32 percent in April 2022 from 17.57 percent in April 2021.

On a month-on-month basis, the urban index rose to 1.78 percent in April 2022, up by 0.02 from the rate recorded in March 2022 (1.76), while the rural index also rose to 1.74 percent in April 2022, up by 0.01 from the rate that was recorded in March 2022 (1.73) percent.

The corresponding average percentage change for the urban index between 2021 and 2022 is 17.01 percent in April 2022. This is lower than 17.10 percent reported in March 2022.

On the other hand, the corresponding rural inflation rate in April 2022 is 15.91 percent compared to 16.00 percent recorded in March 2022

This article was originally published on Nigeria News