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Nigeria’s inflation rate climbs 16.8% in April ~NBS

Nigeria’s consumer inflation rose 0.90 per cent in April to 16.82 per cent compared with 15.92  per cent recorded in the previous month, the latest data released by the National Bureau of Statistics (NBS) showed.

The bureau also said that the composite food index rose year-on-year (YoY) by  1.17 basis points to 18.37 per cent in April from 17.20  per cent in March 2022.

The bureau said the rise in food index was due to increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, wine, fish, meat, and oils.

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“In April 2022, the CPI which measures inflation increased to 16.82 per cent on a YoY basis. This is 1.3 per cent points lower compared to the rate recorded in April 2021 (18.12) per cent.

“This means that the headline inflation rate slowed down in April when compared to the same month in the previous year.

“Increases were recorded in all COICOP divisions that yielded the Headline index.

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