The rise in food prices, non-alcoholic beverages, 51 housing water and electricity has increased Nigeria’s headline inflation to 22.2 percent in the month of April, data released by the National Bureau of Statistics (NBS) has disclosed.
The report stated that the increase was 0.18 percent points high when compared to the 22.04 per cent recorded in March.
It said on a year-on-year basis, the headline inflation rate was 5.40 percent points higher compared to the rate recorded in April 2022, which was 16.82 percent.
“The contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages 11.51 per cent, housing water, electricity, gas & other Fuel 3.7 percent, clothing and footwear 1.7, transport 1.4 per cent, furnishings and household equipment and maintenance 1.1, education 0.88 per cent. Health 0.67 percent, among others.”
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It said the food inflation rate in April 2023 was 24.61 percent on a year-on-year basis, which was 6.24 percent points higher compared to the rate recorded in April 2022 (18.37 percent).
It added, “The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.
“On a month-on-month basis, the food inflation rate in April 2023 was 2.13 percent, this was 0.06 percent points higher compared to the rate recorded in march 2023 (2.07 percent). the average annual rate of food inflation for the twelve months ending April 2023 over the previous twelve months average was 23.22 percent, which was 4.35% points increase from the average annual rate of change recorded in April 2022 (18.88 percent).