• Thursday, February 22, 2024
businessday logo

BusinessDay

Nigeria’s inflation rate rises for fourth straight month

What we keep getting wrong about inflation in Nigeria

Nigeria’s annual inflation rate rose for the fourth straight month to 22.22 percent in April 2023 from 22.04 percent in the previous month, according to the latest inflation report released on Monday.

The report published by the National Bureau Statistics (NBS) said the food inflation rate quickened to 24.61 percent in April from 24.46 percent in the previous month.

Read also: Five ways Nigerian businesses navigate surging inflation

“Looking at the movement, the April 2023 inflation rate showed an increase of 0.18 percent points when compared to March 2023 headline inflation rate,” it said.

It said similarly, on a year-on-year basis, the headline inflation rate was 5.40 percent points higher compared to the rate recorded in April 2022, which was 16.82 percent.

“This shows 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),” it said.

The contributions of items on the divisional level to the increase in the headline index are food & non-alcoholic beverages (11.51 percent), housing water, electricity, gas & other fuel (3.72 percent), clothing & footwear (1.70 percent), transport (1.45 percent), furnishings & household equipment & maintenance (1.12 percent) and education (0.88 percent).

Others are health (0.67 percent), miscellaneous goods & services (0.37 percent), restaurant & hotels (0.27 percent), alcoholic beverages, tobacco & kola (0.24 percent) and recreation & culture and communication (0.15 percent).