Nigeria’s Consumer Price Index increased to 16.82 percent in April from 15.92 percent in March, according to the National Bureau of Statistics (NBS).
The Bureau of Labor Statistics said in its ‘Consumer Price Index April 2022’ report issued on Monday that the latest reading is the highest in eight months.
The current annual rate is the highest since September 2021, when inflation grew by 16.63 percent, according to the NBS. It is 1.3 percentage points lower than the rate of 18.12 percent reported in April 2021.
Nigeria’s Inflation Rate In An All Time High In 30 Months, Hits 13.7%
In April 2022, the headline inflation rate slowed compared to the same month the previous year, according to the NBS.
According to the research, urban inflation rose to 17.35 percent in April 2022, up from 18.68 percent in April 2021, while rural inflation rose to 16.32 percent in April 2022, up from 17.57 percent in April 2021.
The urban index increased by 0.02 percent month over month to 1.78 percent in April 2022, up from 1.76 percent in March 2022, while the rural index increased by 0.01 percent to 1.74 percent in April 2022, up from 1.73 percent in March 2022.
In April 2022, the equivalent average percentage change for the urban index between 2021 and 2022 is 17.01 percent. This is lower than the 17.10 percent estimate from March 2022.
JUST IN: Inflation Rate Drops To 15.4% – NBS Reveals
On the other hand, the corresponding rural inflation rate in April 2022 is 15.91 percent compared to 16.00 percent recorded in March 2022
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