Nigeria’s inflation rate has once again increased, throwing Nigerians into more economic challenges.
The National Bureau of Statistics on Monday revealed that Nigeria’s inflation rate, which measures the changes in prices of goods and services, has once again increased.
According to the NBS in its latest Commodity Price Index report, Nigeria’s inflation rate increased to 22.22 per cent in April from the 22.04 per cent recorded in March.
This is the fourth consecutive month Nigeria’s inflation has increased in 2023.
The increase in inflation figures is riding on the backs of the new naira note scarcity and uncertainties relating to the presidential election.
The NBS also disclosed that the food inflation rate, a significant factor in determining how difficult life is for Nigerians, climbed to 24.61% year-on-year in April 2023.
This represents a 6.24% points higher compared to the rate recorded in April 2022 (18.37%) and 24.35% recorded in the previous month.
The rise in food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, and Spirits.
During the month under review, all items inflation rate (on a year-on-year basis) was highest in Bayelsa (26.14%), Kogi (25.57%), and Rivers (24.95%).
On the flip side, Borno (19.06%), Taraba (19.64%) and Sokoto (19.90%) recorded the slowest rise in headline inflation on a year-on-year basis.
On a month-on-month basis, however, April 2023 recorded the highest increases in Cross River (3.05%), Bayelsa (2.92%), Rivers (2.62%), while Katsina (0.52%), Jigawa (0.74%) and Osun (0.96%) recorded the slowest rise on.
In terms of food inflation on a year-on-year basis, it was highest in Kogi (29.50%), Kwara (29.48%), and Bayelsa (29.38%), while Sokoto (19.55%), Taraba (20.20%) and Jigawa (20.68%) recorded the slowest rise.