Nigeria’s inflation rate has risen for the fourth consecutive month, reaching 22.22% in April, as reported by the National Bureau of Statistics in its latest Commodity Price Index.
This figure reflects a slight increase of 0.18 percentage points compared to the inflation rate of 22.04% recorded in March 2023.
In comparison to April 2022, the year-on-year analysis reveals a significant increase of 5.40 percentage points in the headline inflation rate. Last year, the corresponding rate stood at 16.82%.
The latest data signifies a continued upward trend in Nigeria’s inflation, indicating persistent economic challenges for the country.