Nigeria’s inflation Hits Record High 16.8%, Highest in Eight Months - Dealmakers Bureau De Change

Nigeria’s inflation Hits Record High 16.8%, Highest in Eight Months

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Nigeria’s inflation Hits Record High 16.8%, Highest in Eight Months

 

Nigeria’s inflation rate rose to 16.82% in April, the new annual rate is the highest in the last eight months since September 2021, this is according to the National Bureau of Statistics (NBS).

 

The consumer price index, which measures the rate of increase in the price of goods and services, jumped amid increases recorded in consumables and energy prices.

 

The NBS said on Monday that the rate is 1.3% points lower compared to 18.12% recorded in April 2021.

 

However, the new annual rate is the highest since September 2021 (16.63%).

 

The NBS said that headline inflation rate slowed down in April 2022 compared to the same month in the previous year.

 

On a month-on-month basis, the urban index rose to 1.78% in April 2022, up by 0.02 from the rate recorded in March 2022 (1.76%), while the rural index also rose to 1.74% in April 2022, up by 0.01 from the rate that was recorded in March 2022 (1.73%).

 

The corresponding average percentage change for the urban index between 2021 and 2022 is 17.01% in April 2022. This is lower than 17.10% reported in March 2022.

 

On the other hand, the corresponding rural inflation rate in April 2022 is 15.91% compared to 16.00% recorded in March 2022.

 

Last month, Nigeria’s consumer price inflation rose amid the rise in food and energy prices around the world, this was worsened by Russia’s invasion of Ukraine.

 

 

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