Nigeria’s headline inflation rate rose to 22.22% in April 2023, 0.18% point higher than the 22.04% recorded in the previous month.
According to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS), Nigeria’s inflation rate has increased for the fourth consecutive month, maintaining the highest rate in 17 years. Compared to the corresponding period of 2022, inflation increased by 5.4% from 16.82% recorded in April 2022.
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On a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 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 Monetary Policy Rate (MPR) from 11.5% to 18% between May last year and March 2023.
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