Nigeria’s Inflation Rate Worsens As NBS Releases April 2023 Numbers

• Nigeria’s inflation rate has been rising for several months.

• Any hopes that it may cool in April vanished with the release of an NBS report on Monday.

• Notably, the rise from March 2023 to April 2023 was only 0.18%.

Eko Hot Blog reports that Nigeria’s headline inflation rate in April 2023 rose to 22.22% relative to March 2023 headline inflation rate, which was 22.04%.

The National Bureau of Statistics (NBS) made the disclosure in its Full Inflation Report for April 2023 released on Monday afternoon.

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The bureau disclosed that the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

“Similarly, on a year-on-year basis, the headline inflation rate was 5.40% points higher compared to the rate recorded in April 2022, which was 16.82%,” it said.

According to the inflation report, 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).

Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate recorded in March 2023 (1.86%).

This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.

The percentage change in the average CPI for the twelve months ending April 2023 over the average of the CPI for the previous twelve months was 20.82%, showing a 4.37% increase compared to the 16.45% recorded in April 2022

On a year-on-year basis, in April 2023, the urban inflation rate was 23.39%, this was 6.05% points higher compared to the 17.35% recorded in April 2022. On a month-on-month basis, the urban inflation rate was 2.05% in April 2023, this was 0.05% points higher compared to March 2023 (2.00%).

The corresponding twelve months average for the urban inflation rate was 21.50% in April 2023. This was 4.49% points higher compared to the 17.01% reported in April 2022.

The rural inflation rate in April 2023 was 21.14% on a year-on-year basis; this was 4.82% points higher compared to the 16.32% recorded in April 2022.

On a month-on-month basis, the rural inflation rate in April 2023 was 1.78%, up slightly by 0.06% points compared to March 2023 (1.72%). The corresponding twelve months average for the rural inflation rate in April 2023 was 20.18%. This was 4.27% points higher compared to the 15.91% recorded in April 2022.

In April 2023, all items inflation rate on a year-on-year basis was highest in Bayelsa (26.14%), Kogi (25.57%), Rivers (24.95%), while Borno (19.06%), Taraba (19.64%) and Sokoto (19.90%) recorded the slowest rise in headline inflation on a year-on-year basis.

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On a month-on-month basis, however, April 2023 recorded the highest increases in Cross River (3.05%), Bayelsa (2.92%), Rivers (2.62%), while Katsina (0.52%), Jigawa (0.74%) and Osun (0.96%) recorded the slowest rise on month-on-month inflation.

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