This demonstrates that, when compared to the same month the year before (March 2022) the headline inflation rate rose in March 2023 (on an annual basis).
According to data from the Nigerian Bureau of Statistics, the country’s inflation rate for April rose to 22.22% from 22.04% in March.
The CPI report released on Saturday included this most recent statistics.
The research states that in April 2023, the headline inflation rate increased from 22.04% in March 2023 to 22.22% in April 2023. Looking at the change, the headline inflation rate for April 2023 increased by 0.18% points from the headline inflation rate for March 2023.
The headline inflation rate was 6.13 percent points higher on a year-over-year basis than the rate recorded in March 2022, which was 15.92 percent, according to the data department.
The All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate seen in March 2023 (1.86%), on a month-over-month basis. As a result, the general price level was, on average, 0.05% higher in April 2023 compared to March 2023.
The survey additionally demonstrated an increase in urban inflation from year to year.
“The urban inflation rate in April 2023 was 23.39%, which was 6.05% points higher than the 17.35% noted in April 2022. The urban inflation rate in April 2023 was 2.05% on a monthly basis, which was 0.05% points higher than the rate in March 2023 (2.00%).
From 24.45% in March 2023 to 24.61% in April 2023, food inflation increased.
A 4.37% increase from the 16.45% recorded in April 2022, the average CPI’s percentage change from the average of the preceding twelve months to the twelve months ending in April 2023 was 20.82%.
