The Nigerian Bureau of Statistics (NBS) has released its latest Consumer Price Index (CPI) report, revealing that the country’s inflation rate in April has reached 22.22%.
This rate exceeds the inflation rate of 22.04% recorded in the previous month.
The CPI report, issued on Saturday, highlights the increase in headline inflation for April 2023 compared to March 2023. The data indicates a rise of 0.18% points, with the April inflation rate reaching 22.22% as opposed to the 22.04% recorded in March.
“On a year-on-year basis, the headline inflation rate was 6.13 percent points higher compared to the rate recorded in March 2022 which was 15.92 percent,” the data bureau said.”
“Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate recorded in March 2023 (1.86%). This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.”
The report further revealed an increase in urban inflation on a year-to-year basis
“In April 2023, the urban inflation rate was 23.39%, this was 6.05% points higher compared to the 17.35% recorded in April 2022. On a month-on-month basis, the urban inflation rate was 2.05% in April 2023, this was 0.05% points higher compared to March 2023 (2.00%).”
As for Food Inflation, it moved from 24.45% in March 2023.to 24.61% in April 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%, showing a 4.37% increase compared to the 16.45% recorded in April 2022.
The inflation rate is a significant economic indicator that measures the general increase in prices of goods and services over a specific period. The higher inflation rate suggests a continued rise in the cost of living and poses challenges for individuals and businesses alike.
The Nigerian government and relevant economic agencies need to closely monitor the inflationary trend and implement effective measures to mitigate its impact. Addressing inflation requires a comprehensive approach, including measures to stabilize prices, promote economic growth, and ensure the availability of essential goods and services.
Managing inflation is crucial for economic stability and the well-being of citizens. Efforts to control inflation and maintain price stability will contribute to a conducive environment for sustainable economic development in Nigeria.