April 19, 2024

The National Bureau of Statistics in its April report stated that looking at the inflation movement, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

Nigeria’s headline inflation rate has risen from 22.04% recorded in March 2023 to 22.22% in April 2023, making it the fourth consecutive month of increase.

The National Bureau of Statistics in its April report stated that looking at the inflation movement, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

The report further stated that on a year-on-year basis, the headline inflation rate was 5.40% points higher compared to the rate recorded in April 2022, which was 16.82%, thereby showing that the headline inflation rate on a year-on-year basis increased in April 2023 when compared to the same month in April 2022.

Also, 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.

According to the report, 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.

It further noted that on a year-on-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, and 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%).

“The corresponding twelve months average for the urban inflation rate was 21.50% in April 2023. This was 4.49% points higher compared to the 17.01% reported in April 2022.

“The rural inflation rate in April 2023 was 21.14% on a year-on-year basis; this was 4.82% points higher compared to the 16.32% recorded in April 2022. On a month-on-month basis, the rural inflation rate in April 2023 was 1.78%, up slightly by 0.06% points compared to March 2023 (1.72%).

“The corresponding twelve months average for the rural inflation rate in April 2023 was 20.18%. This was 4.27% points higher compared to the 15.91% recorded in April 2022,” the report added.

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