The Nigerian Bureau of Statistics has revealed that the countrys inflation rate for the month of April has hit 22.22% surpassing last months rate of 22.04%

This latest data was contained in the CPI report released on Saturday

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%. Looking at the movement, the 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%).

As for Food Inflation, it moved from 24.45% in March2023.to24.61% 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. (Channels TV)