The headline inflation rate for April 2023 rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%.
According to the CPI report released by the National Bureau of Statistics, NBS on Monday, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.
Similarly, on a year-on-year basis, the headline inflation rate was 5.40% points higher compared to the rate recorded in April 2022, which was 16.82%.
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 major contributors to the inflation are food & non-alcoholic beverages, housing water, electricity, gas & other fuel, clothing & footwear, transport, furnishings & household equipment & maintenance.
Others are education, health, miscellaneous goods & services, restaurant & hotels, alcoholic beverages, tobacco & kola, recreation & culture and communication.
In the report, urban and rural inflation increased both on a year-on-year and on a month-on-month basis.
The food inflation rate in April 2023 was 24.61% on a year-on-year basis, which was 6.24% points higher compared to the rate recorded in the previous year (18.37%).
The rise was attributed to increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, and Spirits.
On a month-on-month basis, the food inflation rate in April 2023 was 2.13%, this was 0.06% points higher compared to the rate recorded in March 2023 (2.07%).
Writing by Biodun Dare; Editing by Annabel Nwachukwu