Nigeria’s Inflation Rate Jumps To 16.82% in April 2022, Highest In 8 months

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The Nigerian Bureau of Statistics (NBS) released inflation data for April 2022, which reported a 16.82% increase in the annual Consumer Price Index, 0.90% higher than the 15.92% printed in March 2022.

The increase in inflation rate for April 2022 is attributed majorly to the increases in food prices which rose by 117bps to 18.37%.

The core inflation rate increased by 14.18% (from 13.91% in March 2022). Food inflation increased by 18.37% (from 17.20% in March 2022). The inflation rate in rural areas increased by 16.32% (from 15.42% in March 2022). Urban area inflation increased by 17.35% (from 16.44% in March 2022).

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