Nigeria-Inflation-Economy

Nigeria’s inflation rate peaks at 16.82% in April

APA – Lagos (Nigeria)

The Consumer Price Index (CPI) which measures inflation, increased to 16.82 percent in April 2022, Nigeria’s National Bureau of Statistics (NBS) has announced in Abuja.

The NBS said in its monthly report of the CPI that the rate was 1.3 percent points lower compared to the rate recorded in April 2021 of 18.12 percent, but the highest since September 2021 (16.63 percent).

According to the report released on Monday by the NBS, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.“On a month-on-month basis, the headline index increased to 1.76 percent in April 2022, representing a 0.02 percent rate higher than the rate recorded in March 2022 of 1.74 percent.

“The percentage change in the average composite CPI for the 12 months period ending April 2022 over the average of the CPI for the previous 12 months period is 16.45 percent, showing a 0.1 percent decrease compare to the 16.54 percent recorded in March 2022.

“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,” the report said.


GIK/APA

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