Abuja – The steady rise in food prices, non-alcoholic beverages, housing, water and electricity has increased Nigeria’s headline inflation to 22.2 per cent in the month of April.
This is according to data released by the National Bureau of Statistics (NBS) on Monday in Abuja.
The report stated that the increase was 0.18 per cent points high when compared to the 22.04 per cent recorded in March.
It said on a year-on-year basis, the headline inflation rate was 5.40 per cent points higher compared to the rate recorded in April 2022, which was 16.82 per cent.
“The contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages 11.51 per cent, housing water, electricity, gas and fuel, 3.7 per cent, clothing and footwear 1.7 per cent, transport 1.4 per cent, furnishings and household equipment and maintenance 1.1 per cent, education 0.88 per cent. Health, 0.67 per cent, among others,” the NBS said.
It said the food inflation rate in April 2023 was 24.61 per cent on a year-on-year basis, which was 6.24 per cent points higher compared to the rate recorded in April 2022 (18.37 per cent).
“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.
“On a month-on-month basis, the food inflation rate in April 2023 was 2.13 per cent, this was 0.06 per cent points higher compared to the rate recorded in march 2023 (2.07 percent).
“The average annual rate of food inflation for the twelve months ending April 2023 over the previous twelve months average was 23.22 per cent, which was 4.35 per cent points increase from the average annual rate of change recorded in April 2022 (18.88 per cent).
(Daily Trust/vitalnewsngr.com)
