By Aduragbemi Omiyale
The National Bureau of Statistics (NBS) revealed on Tuesday that inflation in Nigeria increased by 16.82% in April 2022 compared to the 15.92% recorded in March 2022.
However, on an annual basis, the rate moderated by 1.3%, with inflation standing at 18.12% in the corresponding month of 2021.
The SNB revealed that the percentage change in the average composite consumer price index (CPI) for the 12-month period ending in April 2022 compared to the average CPI for the previous 12-month period was 16.45%, 0.1% lower than the 16.54% percent recorded in March 2022.
He also indicated that during the month under review, the urban inflation rate rose to 17.35% (year-on-year) in April 2022, compared to 18.68% recorded in April 2021, while the rate of rural inflation rose to 16.32% in April. 2022 against 17.57% in April 2021.
On a monthly basis, the urban index rose to 1.78% in April 2022, up 0.02% from the rate recorded in March 2022 at 1.76%, while the rural index also increased at 1.74% in April 2022, up 0.01 from the rate recorded in March 2022 at 1.73%.
The corresponding 12-month average percentage change in the urban index is 17.01% in April 2022, lower than the 17.10% reported in March 2022, while the corresponding rural inflation rate in April 2022 is of 15.91% compared to 16.00% recorded in March 2022.
In the report, the statistics agency said in April 2022 the composite food index rose 18.37%, up from 22.72% in April 2021, attributing the increase to a rise in food prices. bread and cereals, foodstuffs nec, potatoes, yams and other tubers, wine, fish, meat and oils.
On a monthly basis, the food sub-index rose to 2.00% in April 2022, up 0.01% from the 1.99% recorded in March 2022, the report adds.
It was further reported that the average annual rate of change in the food sub-index for the 12-month period ending April 2022 compared to the previous 12-month average is 18.88%, or 0.34% the recorded average annual rate of change. in March 2022 at 19.21%.