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Nigeria’s Inflation Hits 16.8% In April, Highest In 8 Months

Nigeria’s inflation rose to 16.82 percent in April this year, representing the highest rate in the past eight months.

The National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for month published on Monday attributed the spike in the general price level in the economy to increases recorded in food and energy prices.

The Bureau stated that the latest inflation rate was, however, 1.3 percent points lower compared to 18.12 percent recorded in April 2021 but that rate was the highest since September 2021 when it peaked at 16.63 percent.

According to the agency, the headline inflation rate slowed down in the month under review compared to the corresponding month in 2021.

On general price level in urban and  areas, the NBS stated that urban inflation rate increased to 17.35 percent (year-on-year) in April 2022 from 18.68 percent recorded in the corresponding month of last year, while the rural inflation rate rose to 16.32 percent in April 2022 from 17.57 percent in April 2021.

On a month-on-month basis, the Bureau reported that the urban index rose to 1.78 percent in April 2022, up by 0.02 from the rate recorded in March 2022 (1.76), while the rural index also rose to 1.74 percent in April 2022, up by 0.01 from the rate that was recorded in March 2022 (1.73) percent.

According to the national statistics coordinating agency, the corresponding average percentage change for the urban index between 2021 and 2022 is 17.01 percent in April 2022. This is lower than 17.10 percent reported in March 2022.

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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