Nigeria’s inflation rate rises to 16.82% in April 2022 as food, energy prices soar

Nigeria’s inflation rose to 16.82 per cent in April 2022, following a similar uptick recorded in the previous month as a result of the increase in energy and food prices. This represents the highest rate recorded since August 2021 (highest in 8 months).

The National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report released, on Monday, noted that on a month-on-month basis, the headline index increased by 1.76 per cent in April 2022, compared to a 1.74 per cent increase recorded in the previous month.

The consumer price index, which measures the rate of inflation rose by 16.82 per cent year-on-year in April 2022, which is 0.9 per cent points higher than the 15.92 per cent recorded in the previous month (March 2022).

Similarly, the urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased to 16.32% in April 2022 from 17.57 per cent in April 2021.

The NBS report showed that food inflation rose to 18.37 per cent in the review month, an increase compared to the 17.2 per cent recorded in the preceding month.

“This rise in the food index was caused by increases in the prices of bread and cereals, food products, potatoes, yam, and other tubers, wine, fish, meat, and oils,” it stated.

On a month-on-month basis according to the statistics office, the food sub-index increased to 2 per cent in April 2022, up by 0.01 per cent points from 1.99 per cent recorded in March 2022. Also, the average annual rate of change of the Food sub-index for the twelve-month period ending April 2022 over the previous twelve-month average is 18.88 per cent, 0.34 per cent points from the average annual rate of change recorded in March 2022.

In the same vein, the core inflation rate rose to 14.18 per cent in April 2022 from 13.91 per cent recorded in the previous month. The rise in the core index was attributed to the increase in the prices of gas, liquid fuel, cleaning, repair and hire of clothing, clothing materials, other articles of clothing, and clothing accessories.

The average 12-month annual rate of change of the index was 13.68 per cent for the twelve-month period ending April 2022; this is 0.12 per cent points higher than the 13.56 per cent recorded as of the previous month.

According to the NBS, in April 2022, all items inflation on a year-on-year basis was highest in Bauchi (18.93%), Ebonyi (18.88%), and Akwa Ibom (18.80%), while Sokoto (14.65%), Kwara (15.33%) and Kaduna (15.69%) recorded the slowest rise in headline Year on Year inflation.

In terms of food inflation, Kogi recorded the highest year-on-year increase in the food index with 22.79 per cent in April 2022, Kwara State followed with 21.56 per cent, and Ebonyi (21.45%), while Sokoto (14.85%), Kaduna (15.55%) and Anambra (16.68%) recorded the slowest rise in year-on-year food inflation.

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Nigeria’s inflation rate rises to 16.82% in April 2022 as food, energy prices soar