In April 2023, the headline inflation rate rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%, National Bureau of Statistics(NBS) said in a report on Monday.
The April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate and 5.40% points higher compared to the rate recorded in April 2022, which was 16.82%.
This is highest inflation rate since 2009, NBS data showed. The inflation in the country has been on steady rise since February 2022 and rose above 20% in August 2022.
NBS said the rise in the prices of ‘Food & Non-Alcoholic Beverages’ contributed the most to the increase in the headline index.
On a year-on-year basis, in April 2023, the urban inflation rate was 23.39%, this was 6.05% points higher compared to the 17.35% recorded in April 2022. While the rural inflation rate in April 2023 was 21.14% on a year-on-year basis; this was 4.82% points higher compared to the 16.32% recorded in April 2022.
The food inflation rate in April 2023 was 24.61% on a year-on-year basis, which was 6.24% points higher compared to the rate recorded in April 2022 (18.37%), according to the report.
On a month-on-month basis, the food inflation rate in April 2023 was 2.13%, this was 0.06% points higher compared to the rate recorded in March 2023 (2.07%).
In April 2023, all items inflation rate on a year-on-year basis was highest in Bayelsa (26.14%), Kogi (25.57%), Rivers (24.95%), while Borno (19.06%), Taraba (19.64%) and Sokoto (19.90%) recorded the slowest rise in headline inflation on a year-on-year basis.
In April 2023, food inflation on a year-on-year basis was highest in Kogi (29.50%), Kwara (29.48%), and Bayelsa (29.38%), while Sokoto (19.55%), Taraba (20.20%) and Jigawa (20.68%) recorded the slowest rise in food inflation on a year-on-year basis.
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.14% in April 2023 on a year-on-year basis, up by 5.96% when compared to the 14.18% recorded in April 2022. The highest increases were recorded in prices of Gas, Passenger transport by Air, Liquid fuel, Vehicle spare parts, Fuels, and lubricants for personal transport equipment, Medical services, Passenger transport by road, etc. On a month-on-month basis, the Core inflation rate was 1.46% in April 2023.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.