The National Bureau of Statistics, NBS, has revealed that inflation rate rose to 16.82% in April 2022.
This represents a 0.90% rise when examined in contrast to 15.92% put on paper in March 2022, Vanguard reports.
According to the bureau, the composite food index rose year-on-year (YoY) by 1.17 basis points to 18.37 percent in April 2022 from 17.20 per cent in March 2022.
Furthermore, it said increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, wine, fish, meat, and oils led to the rise in the food index.
According to NBS, “In April 2022, the CPI which measures inflation increased to 16.82 percent on a YoY basis. This is 1.3 percent points lower compared to the rate record-ed in April 2021 (18.12) percent.
“This means that the headline inflation rate slowed down in April when compared to the same month in the previous year.
“Increases were recorded in all COICOP divisions that yielded the Headline index.
“On a month-on-month (MoM) basis, the Headline index increased to 1.76 percent in April 2022, this is a 0.02 percent rate higher than the rate recorded in March 2022 (1.74) percent.
“The urban inflation rate increased to 17.35 percent (YoY) 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 MoM 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 composite food index rose to 18.37 percent in April 2022 compared to 22.72 percent in April 2021.
“On a MoM 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.
“In April 2022, food inflation on a YoY basis was highest in Kogi (22.79 per cent), Kwara (21.56 per cent), and Ebonyi (21.45 per cent), while Sokoto (14.85 per cent), Kaduna (15.55 per cent and Anambra (16.68 per cent) recorded the slowest rise in YoY food inflation.”