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Inflation Rises To 5-Month High

Inflation Rises To 5-Month High

Nigeria’s Consumer Price Index, (CPI) has risen to 16.82, a 1.76 percent points increase from the figure recorded in March.

In a report, the National Bureau of Statistics (NBS) said the increase is the highest recorded since Nigeria’s inflation figure dropped to 15.40 in November to maintain an eight months downward trend.

Since then, the figure has risen by a zero point figure to 15.92 in March.

However, on a year-on-year basis, NBS said inflation figure was 1.3 percent points lower compared to the rate recorded in April 2021 (18.12).

While stating that increases were recorded in all COICOP divisions that yielded the Headline index, the composite food index rose to 18.37 percent in April 2022 compared to 22.72 percent in April 2021.

It stated that rise in the food index was caused by increases in the prices of bread and cereals, food products, potatoes, yam, and other tubers, wine, fish, meat and oils.

While on a month-on-month basis, the food sub-index increased to 2.00 percent in April 2022, increase of 0.01 percent points from 1.99 percent recorded in March 2022.

It added that “All items less farm produce or Core inflation”, which excludes the prices of volatile agricultural produce stood, at 14.18 percent in April 2022, up by 1.44 percent when compared with 12.74 percent recorded in April 2021.

It identified the highest increases in prices of gas, liquid fuel, cleaning, repair and hire of clothing, clothing materials, other articles of clothing, and clothing accessories.

Similarly, urban inflation rate roae to 17.35 percent (year-on-year) in April 2022 from 18.68 percent recorded in April 2021, while the rural inflation rate increased to 16.32 percent in April 2022 from 17.57 percent in April 2021.

But on a month-on-month basis, 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.

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