Rising Food Prices Push Nigeria’s Inflation Rate To 22.22%

The National Bureau of Statistics (NBS) on Monday said Nigeria’s annual inflation rate rose to 22.22 per cent in April from 22.04 per cent in the previous month.

NBS said the April 2023 inflation rate showed an increase of 0.18 per cent points when compared to March 2023 headline inflation rate.

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It said on a year-on-year basis, the headline inflation rate was higher, compared to the rate recorded in April 2022, which was 16.82 per cent.

“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),” it said.

Meanwhile, Food inflation rose to 24.61 per cent in April 2023 from 24.46 in March.