By Abubakar Yunusa
The consumer price index, which measures the rate of increase in the price of goods and services, climbed to 16.82 per cent in April 2022 on the back of surging food and gas prices.
With the development, it means that the headline inflation rate slowed down in April when compared to the same month in the previous year.
The National Bureau of Statistics (NBS) said this in its Consumer Price Index (CPI) report for April 2022, released on Monday.
The figure represents the highest rate recorded since August 2021 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,” the report reads.
“Similarly, the urban inflation rate increased to 17.35% (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.”