The National Bureau of Statistics ( NBS) said the nation’s monthly inflation rate has hit 16.82 percent in April as against 15.92 recorded in March, 2022.
The Bureau explained that on a month-on-month basis, the Headline index increased to 1.76 percent in April 2022, adding that this is a 0.02 percent rate higher than the rate recorded in March 2022 (1.74) percent.
According to the statistics released by the Bureau Monday, March 2022 food inflation was highest in Ekiti
(4.03%), Taraba (3.68%), and Osun (3.04%), while Anambra (0.66%), Kogi (1.01%) and Bauchi (1.08%) recorded the slowest rise on month-on-month inflation.
It said the main drivers of the increased inflation in the month of April include the composite food index.
According to the Bureau, “The composite food index rose to 18.37 percent in April 2022 compared to 22.72 percent in
April 2021.
“This rise in the food index was caused by increases in the prices of Bread and cereals, Food
products etc, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.
“On a month-on-month basis, the food sub-index increased to 2.00 percent in April 2022, up by 0.01 percent points from 1.99 percent recorded in March 2022. The average annual rate of change of the Food sub-index for the twelve-month period
ending April 2022 over the previous twelve-month average is 18.88 percent, 0.34 percent
points from the average annual rate of change recorded in March 2022 (19.21) percent.”
Further, it said “The urban inflation rate increased 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.
“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.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.01 percent in April 2022. This is lower than 17.10 percent reported in March 2022,
while the corresponding rural inflation rate in April 2022 is 15.91 percent compared to 16.00
percent recorded in March 2022.”
