Connect with us

    Hi, what are you looking for?

    Business

    Nigeria’s Inflation rate rises to 22.22% – NBS

    Inflation Rate

    Nigerian Bureau of Statistics (NBS) has revealed that the country’s inflation rate for the month of April has hit 22.22%, surpassing April’s rate of 22.04%

    The latest data was revealed in the CPI report released over the weekend.

    According to the report, in April 2023, the headline inflation rate rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%. Thr April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

    “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.” it read.

    “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 also showed 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%).”

    The report said Food Inflation 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.

     

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Tech

    Nigerian Communications Commission (NCC) has welcomed the appointment of Mr. Idris Olorunnimbe as Chairman-designate of its Board, alongside other newly appointed members of the...

    Tech

    By Kehinde Ogundare, Country Head, Zoho Nigeria Business growth should feel energising — not like a daily struggle. When operations begin to scale, the...

    Tech

    Nigerian Communications Commission (NCC) has reiterated its commitment to the full operationalisation of President Bola Ahmed Tinubu’s Executive Order on Critical National Information Infrastructure...

    Sports

    National Basketball Association aka NBA has approved the sale of the Boston Celtics to an investment group led by American billionaire businessman, Bill Chisholm,...