Nigeria's Inflation Rate Rises To 22.22%

Nigeria’s Inflation Rate Rises To 22.22%

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

Toscad News 15 May 2023

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The headline inflation rate for April 2023 rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%.

The April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

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

This shows that the headline inflation rate on a year-on-year basis increased in April 2023 when compared to the same month in the preceding year (i.e., April 2022).

Likewise, 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.