The rise in the prices of food items has pushed Nigeria’s inflation rate up by 22.22 per cent in April 2023, a 0.18 per cent point higher than the 22.04 per cent recorded in the previous month.
This is according to data contained in the latest consumer price index (CPI) report released yesterday by the National Bureau of Statistics (NBS).
The April increase comes across as the fourth consecutive surge in the country’s inflation figure since the year began.
“Looking at the movement, the April 2023 inflation rate showed an increase of 0.18 per cent points when compared to March 2023 headline inflation rate,” the report reads.
“Similarly, on a year-on-year basis, the headline inflation rate was 5.40% points higher com- pared to the rate recorded in April 2022, which was 16.82 per cent.
“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).”
NBS said items such as food and non-alcoholic beverages; housing, water, electricity, gas & other fuel contributed largely on the divisional level to the increase in the headline index.
“The contributions of items on the divisional level to the increase in the headline index are presented below: food and non-alcoholic beverages (11.51 percent); housing, water, electricity, gas, and other fuel (3.72 percent),” the agency said.
“Clothing and footwear (1.70 percent); transport (1.45 percent); furnishings, household equipment and maintenance (1.12 percent); education (0.88 percent); health (0.67 percent); miscellaneous goods and services (0.37 percent); restaurant and hotels (0.27 percent); alcoholic beverage, tobacco and kola (0.24 percent); recreation and culture (0.15 percent) and communication (0.15 percent).”
The report said food inflation rose to 24.61 percent in the month under review, an uptick compared to the 24.45 percent recorded in the preceding month.
The rise in the food index, NBS explained, was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.
“On a month-on-month basis, the food inflation rate in April 2023 was 2.13 per cent, this was 0.06 per cent points higher compared to the rate recorded in March 2023 (2.07 per cent),” the report further reads.
“The average annual rate of food inflation for the twelve months ending April 2023 over the previous twelve months average was 23.22 per cent, which was 4.35 per cent points increase from the average annual rate of change recorded in April 2022 (18.88 per cent).”
Analysing state profiles, the NBS said residents of Kogi, Kwara and Bayelsa states paid the most for food during the period under review.
“In April 2023, food inflation on a year-on-year basis was highest in Kogi (29.50 per cent), Kwara (29.48 per cent), and Bayelsa (29.38 per cent), while Sokoto (19.55 per cent), Taraba (20.20 per cent) and Jigawa (20.68 per cent) recorded the slowest rise in food inflation on a year-on-year basis,” the report adds.
“On a month- on-month basis, however, April 2023 food inflation was highest in Cross River (4.65 per cent), Bayelsa (3.61 per cent), and Ekiti (3.49 per cent), while Jigawa (0.14 per cent), Katsina (0.44 per cent) and Osun (0.62 per cent) recorded the slowest rise in food inflation on a month-on-month basis.” (thecable.ng)
