By John Ikani
The National Bureau of Statistics (NBS) has released Nigeria’s latest Consumer Price Index (CPI) report, which shows inflation rate climbing to 16.82% in April.
The CPI which measures the rate of inflation rose by 16.82% year-on-year in April 2022, which is 0.9% points higher than the 15.92% recorded in the previous month (March 2022). This represents the highest rate recorded since August 2021.
On a month-on-month basis, the headline index increased by 1.76% in April 2022, compared to 1.74% increase recorded in the previous month.
Similarly, the urban inflation rate increased to 17.35% (year-on-year) in April 2022 from 18.68% recorded in April 2021, while the rural inflation rate increased to 16.32% in April 2022 from 17.57% in April 2021.
On food index NBS said: “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, potatoes, yam, and other tubers, wine, fish, meat, and oils.
“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.”
In the same vein, the core inflation rate rose to 14.18% in April 2022 from 13.91% recorded in the previous month. The rise in the core index was attributed to the increase in the prices of Gas, liquid fuel, Cleaning, repair and hire of clothing, Clothing materials, other articles of clothing, and clothing accessories.
The average 12-month annual rate of change of the index was 13.68% for the twelve-month period ending April 2022; this is 0.12% points higher than the 13.56% recorded as of the previous month.
Here are the key takeaways from Nigeria’s latest CPI
• Consumer prices jumped 1.76% to 16.82%.
• Urban inflation rate increased to 17.35%.
• Food inflation rose to 18.37% in April, up from 17.2% in March.
• Core inflation rate rose to 14.18% in April 2022, as against 13.91% in March 2022.
States with the highest inflation rate
In April 2022, all items inflation on a year-on-year basis was highest in Bauchi (18.93%), Ebonyi (18.88%), and Akwa Ibom (18.80%), while Sokoto (14.65%), Kwara (15.33%) and Kaduna (15.69%) recorded the slowest rise in headline Year on Year inflation.
In terms of food inflation, Kogi recorded the highest year-on-year increase in the food index with 22.79% in April 2022, Kwara State followed with 21.56%, and Ebonyi (21.45%), while Sokoto (14.85%), Kaduna (15.55%) and Anambra (16.68%) recorded the slowest rise in year-on-year food inflation.
