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Inflation Rate In Nigeria Hits 22.22%





The National Bureau of Statistics has revealed that the country’s inflation rate has increased for the fourth consecutive month to 22.22 percent in April exceeding March’s record of 22.04 percent.

Naija News reports that the latest data is according to the Commodity Price Index report published on Monday, May 15, 2023, by NBS.

According to the publication, the April 2023 inflation rate showed an increase of 0.18 percentage points when compared to March 2023 headline inflation rate.

Similarly, on a year-on-year basis, the headline inflation rate was 5.40 percentage points higher compared to the rate recorded in April 2022, which was 16.82 percent.

Lagos, Bayelsa, Ondo, States With Highest Inflation

Meanwhile, reports have indicated that OndoBayelsa, and Lagos states recorded the highest rate of inflation in March 2023.

This was contained in the latest National Bureau of Statistics (NBS) data on inflation across the country.

According to NBS, Nigeria’s headline inflation rate for March 2023 rose to 22.04 per cent compared to February 2023 headline inflation rate which was 21.91 per cent. This showed an increase of 0.13 per cent points when compared to February 2023 headline inflation rate.

At the subnational level, “The inflation rate on a year-on-year basis was highest in Ondo (25.38 per cent), Bayelsa (24.80 per cent), Lagos (24.66 per cent).”

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However, Borno, Cross River/Sokoto and Benue states recorded relatively lowest headline inflation on a year-on-year basis, recording 19.18 per cent, 19.24 per cent and 20.01 respectively.

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