The Consumer Price Index (CPI) which measures inflation increased to 16.82 percent on a year-on-year basis in April 2022, according to the report released by the National Bureau of Statistics on Monday.
This is 1.3 percent points lower than the rate recorded in April 2021 (18.12) percent, meaning that inflation rate slowed down in April 2022 compared to same period last year.
However, on Month-on-month basis April 2022 inflation is 1.76 percent higher than the rate recorded in March 2022 (15.92%). This means that inflation rate is higher in April 2022 compared to March 2022
The report said that increases were recorded in all COICOP divisions that yielded the Headline index.
NBS said that 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 composite food index rose to 18.37 percent in April 2022 compared to 22.72 percent in April 2021, the report said. It added that the rise in the food index was caused by increases in the prices of Bread and cereals, Food products n.e.c, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 14.18 percent in April 2022, up by 1.44 percent when compared with 12.74 percent recorded in April 2021, according to the report.
It said the highest increases were recorded in prices of Gas, Liquide fuel, Cleaning, repair and hire of clothing, Clothing materials, other articles of clothing, and clothing accessories.
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.
On the other hand food inflation on a year-on-year basis was highest in Kogi (22.79%), Kwara (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 in April 2022.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.