Inflation soars despite rate hike
Market in Nigeria

Nigeria’s consumer price index (CPI) which measures the rate of inflation, increased to 16.82% in April 2022, an 8-month high.

This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS).

The increase comes in the wake of a similar rise recorded in the previous month as a result of the increase in energy and food prices, and represents the highest rate recorded since August 2021.

The CPI 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.

Similarly, the urban inflation rate increased to 17.35 percent (year-on-year) in April 2022 from 18.68% recorded in April 2021, while the rural inflation rate increased to 16.32% in April 2022 from 17.57% in April 2021.

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