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Nigeria’s inflation rate rises to 16.82%

Nigeria’s inflation rose to 16.82% in April 2022, according to the recently released Consumer Price Index report released by the National Bureau of Statistics (NBS) on Monday, May 16.

Annual food inflation rose to 18.4 percent from 17.2 percent in March, sending the headline rate to 16.8 percent, the highest in eight months.

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 1.74% increase recorded in the previous month.

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