The National Bureau of Statistics (NBS) has released Nigeria's latest Consumer Price Index (CPI) report, which shows inflation rate climbing to 16.82% in April up from 15.92% in March. The jump in fuel and food items costs is driven by fuel price increases and accelerating costs for food, including bread and cereals, occasioned by global supply disruptions following Russia’s invasion of Ukraine, analysts say. Prices for wheat, a key ingredient in cereals and flour for pasta and bread, have jumped more than 5 percent over the weekend, and over 68 percent year-on-year, according to commodities data compiled by the Financial Times. The hike in inflation means the purchasing power of Nigerians, some of whom live on a monthly minimum wage of less than $50, is declining.
The NBS said: “In April 2022, the CPI which measures inflation increased to 16.82 percent on a YoY basis. This is 1.3 percent points lower compared to the rate recorded in April 2021 (18.12) percent. This means that the headline inflation rate slowed down in April when compared to the same month in the previous year.
“Increases were recorded in al COICOP divisions that yielded the Headline index.
“On a month-on-month (MoM) basis, the Headline index increased to 1.76 percent in April 2022, this is a 0.02 percent rate higher than the rate recorded in March 2022 (1.74) percent.
“The urban inflation rate increased to 17.35 percent (YoY) in April 2022 from 18.68 percent recorded in April 2021, while the rural inflation rate increased to 16.32 percent in April 2022 from 17.57 percent in April 2021.
“On a MoM basis, the urban index rose to 1.78 percent in April 2022, up by 0.02 from the rate recorded in March 2022 (1.76), while the rural index also rose to 1.74 percent in April 2022, up by 0.01 from the rate that was recorded in March 2022 (1.73) percent.”
On food index NBS said: “The composite food index rose to 18.37 percent in April 2022 compared to 22.72 percent in April 2021.