The headline inflation rate in Nigeria rose to 22.22 percent in April 2023, buoyed by a sharp increase in food prices, signifying the highest rate hike in 17 years.
Data released by the National Bureau of Statistics (NBS) on Monday in Abuja showed that food inflation increased to 24.61 percent year-on-year, with various food items rising price.
Nigeria’s inflation rate keeps going up despite multiple interest rate hikes by the Central Bank of Nigeria (CBN), with the core inflation rate standing at 20.14 percent in April 2023.
The NBS, in its report, said, “In April 2023, the headline inflation rate rose to 22.22 percent relative to March 2023 headline inflation rate, which was 22.04 percent. Looking at the movement, the April 2023 inflation rate showed an increase of 0.18 percent points when compared to March 2023 headline inflation rate.
“Similarly, on a year-on-year basis, the headline inflation rate was 5.40 percent points higher compared to the rate recorded in April 2022, which was 16.82 percent. This shows that the headline inflation rate on a year-on-year basis increased in April 2023 when compared to the same month in the preceding year (i.e., April 2022)”.