Breaking: Nigeria’s inflation rate jumps highest in April

Nigeria’s inflation rose to 16.82% 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.

This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS).

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

On a month-on-month basis, the headline index increased by 1.76% in April 2022, compared to the 1.74% increase recorded in the previous month.

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

More details soon.