Inflation rate rises to 22.22 per cent

Nigeria’s April inflation figure on Monday increased to 22.22 per cent from 22.04 per cent last month.

The National Bureau of Statistics Consumer Price Index report released Monday disclosed this.

The data represented a 0.18 per cent increase from April’s inflation figure.

On a month-on-month basis, the All-Items Index in April 2023 was 1.91%, 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.

Nigeria’s inflation rate continues its uptrend despite multiple interest rate hikes by the central bank to tame the rising rate. The CBN has increased the Monetary Policy Rate (MPR) from 11.5% to 18% between May last year and March 2023.