The latest report from the National Bureau of Statistics (NBS) reveals that Nigeria’s consumer price index (CPI) rose to 22.22% in April 2023, marking the fourth consecutive increase in the country’s inflation rate this year.

Compared to the previous month, the April inflation rate increased by 0.18 percentage points.

Furthermore, on a year-on-year basis, the headline inflation rate in April 2023 was 5.40 percentage points higher than the rate recorded in April 2022.

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The NBS report highlights that the increase in the headline index was mainly influenced by categories such as food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel.

Specifically, food inflation rose to 24.61% in April, driven by price increases in items such as oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.

In terms of regional profiles, Kogi, Kwara, and Bayelsa states experienced the highest food inflation rates, while Sokoto, Taraba, and Jigawa recorded the slowest rise in food inflation.