New data released by the National Bureau of Statistics (NBS) has shown that in April 2023, the headline inflation rate in Nigeria rose marginally to 22.22 per cent relative to March 2023 headline inflation rate which was 22.04 per cent.
The April 2023 inflation rate showed an increase of 0.18 percent points when compared to March 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 5.40% points higher compared to the rate recorded in April 2022, which was 16.82 percent, the NBS figures that was released on Monday showed.
That is an indication that the headline inflation rate on a year-on-year basis increased in April 2023 when compared to the same month in the preceding year (i.e., April 2022).
On a month-on-month basis, the all-Items Index in April 2023 was 1.91 percent, which was 0.05 percent points higher than the rate recorded in March 2023 (1.86 percent).
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 twelve months ending April 2023 over the average of the CPI for the previous twelve months was 20.82 percent, showing a 4.37 percent increase compared to the 16.45 percent recorded in April 2022.