The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.22 percent on a year-on-year basis in April 2023.
This is according to the NBS Consumer Price Index (CPI) and Inflation Report for April 2023 released in Abuja on Tuesday.
According to the report, the figure is 0.18 percent points higher compared to the 22.04 percent recorded in March 2023.
It said on a year-on-year basis, the headline inflation rate in March 2023 was 5.40 percent higher than the rate recorded in April 2022 at 16.82 percent.
“This shows that the headline inflation rate (year-on-year basis) increased in April 2023 when compared to the same period in April 2022,’’ it said.
The report showed that contributions of items on the divisional level increase in the headline index are food and non-alcoholic beverages at 11.51 percent.
While housing, water, electricity, gas and other fuel at 3.72 percent.
Others are clothing and footwear at 1.70 percent; transport at 1.45 percent; furnishings, household equipment, and maintenance at 1.12 percent and education at 0.88 percent, and health at 0.67 percent.
“Miscellaneous goods and services at 0.37 percent; restaurant and hotels at 0.27 percent; alcoholic beverage, tobacco and kola at 0.24 percent; recreation and culture at 0.15 percent, and communication at 0.15 percent.”
It said the percentage change in the All-Items Index in April 2023 was 1.91 per cent on a month-on-month basis.
“This indicates a 0.05 percent increase compared to the 1.86 percent recorded in March 2023.
” This means that in April 2023, on average, the general price level was 0.05 percent higher relative to March 2023.”
The percentage change in the average CPI for the 12 months ending April 2023 over the average of the CPI for the previous 12 months period was 20.82 percent.
“This indicates a 4.37 percent increase compared to the 16.45 percent recorded in April 2022.’’
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report said the food inflation rate in April 2023 was 24.61 percent on a year-on-year basis, which was 6.24 percent higher compared to the rate recorded in April 2022 at 18.37 percent.
“The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”
It said on a month-on-month basis, the food inflation rate in April was 2.13 percent, which was a 0.06 per cent rise compared to the rate recorded in March 2023 at 2.07 per cent.
The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.14 percent in April 2023 on a year-on-year basis.
“This increased by 5.96 percent compared to 14.18 percent recorded in April 2022.’’
“On a month-on-month basis, the core inflation rate was 1.46 percent in April 2023, which was a 0.78 percent drop compared to what it stood at in March 2023 at 1.84 percent.”
According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.
“Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.
“The average 12-month annual inflation rate was 17.91 percent for the 12 months ending April 2023, this was 4.23 percent points higher than the 13.68 percent recorded in April 2022.”
The report said on a year-on-year basis in April 2023, that the urban inflation rate was 23.39 percent, which was 6.05 percent higher compared to the 17.35 percent recorded in April 2022.
“On a month-on-month basis, the urban inflation rate was 2.05 percent in April 2023, representing a 0.05 percent rise compared to March 2023 at 2.00 percent.’’
It said the corresponding 12-month average for the urban inflation rate was 21.50 percent in April 2023.
“This was 4.49 percent higher compared to the 17.01 percent reported in April 2022.’’
The report said on a year-on-year basis in April 2023, the rural inflation rate was 21.14 percent, which was 4.82 percent higher compared to the 16.32 percent recorded in April 2022.
“On a month-on-month basis, the rural inflation rate in April 2023 was 1.78 percent, which increased by 0.06 percent compared to March 2023 at 1.72 percent.’’
It said the corresponding 12-month average for the rural inflation rate in April 2023 was 20.18 percent, which was 4.27 percent higher compared to the 15.91 percent recorded in April 2022.
On states’ profile analysis, the report showed in April 2023, all items inflation rate on a year-on-year basis was highest in Bayelsa at 26.14 percent, followed by Kogi at 25.57 percent, and Rivers at 24.95 percent.
It, however, said the slowest rise in headline year-on-year inflation was recorded in Borno at 19.60 percent, followed by Taraba at 19.64 percent, and Sokoto at 19.90 percent.
The report, however, said in April 2023, all items’ inflation rate on a month-on-month basis was highest in Cross River at 3.05 percent, Bayelsa at 2.92 percent and Rivers at 2.62 percent.
“Katsina at 0.52 percent, followed by Jigawa at 0.74 percent and Osun at 0.96 percent recorded the slowest rise in month-on-month inflation.”
The report said food inflation in April 2023, on a year-on-year basis, was highest in Kogi at 29.50 per cent, followed by Kwara at 29.48 percent, and Bayelsa at 29.38per cent.
“Sokoto at 19.55 percent, followed by Taraba at 20.20 percent and Jigawa at 20.68 percent recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, in April 2023 food inflation was highest in Cross River at 4.65 percent, followed by Bayelsa at 3.61 percent, and Ekiti at 3.49 percent.
”With Jigawa at 0.14 percent, followed by Katsina at 0.44 percent and Osun at 0.62 percent recorded the slowest rise on month-on-month inflation.’’
