Nigeria’s inflation rate increased to 16.82 percent in April 2022, following a similar increase the previous month due to higher energy and food prices. This is the highest rate seen since August 20, 2021.
This is according to the National Bureau of Statistics’ recently issued Consumer Price Index data (NBS).
The consumer price index, which measures the rate of inflation rose by 16.82% year-on-year in April 2022, which is 0.9% points higher than the 15.92% recorded in the previous month (March 2022). On a month-on-month basis, the headline index increased by 1.76% in April 2022, compared to 1.74% increase recorded in the previous month.
Similarly, the urban inflation rate increased to 17.35 percent (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.