Soaring food and energy prices pushed Nigeria’s headline inflation to 16.82% in April, the highest since September 2021 (16.63). This is 1.3% lower than the rate recorded in April 2021 (18.12)
This is contained in the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released yesterday for April 2022.
According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
The report reads in part: “On a month-on-month basis, the headline index increased to 1.76% in April 2022, this is a 0.02% rate higher than the rate recorded in March 2022 (1.74%).
“The percentage change in the average composite CPI for the 12 months period ending April 2022 over the average of the CPI for the previous 12 months period is 16.45%, showing a 0.1% decrease compared to the 16.54% recorded in March 2022.
“The urban inflation rate increased to 17.35% (year-on-year) in April 2022 from 18.68% recorded in April 2021, while the rural inflation rate increased to 16.32% in April 2022 from 17.57% in April 2021.”
…increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
Food inflation also jumped to 18.37% from 17.20% in March, fuel by pressure in the prices of Bread and Cereals, Food products, Potatoes, Yam and other tubers, Wine, Fish, Meat, and Oils.
On a month-on-month basis, food inflation rose by 2.00%, relative to the 1.99% m/m recorded in the previous month.
Similarly, the core inflation reversed the previous month’s downtrend, rising to 14.18% in April against 13.91% in March, the highest in five years.
This was caused by spikes pressure in the prices of gas, liquid fuel, cleaning, repair and hire of clothing, clothing materials, other articles of clothing, and clothing accessories.
