From Isaac Anumihe, Abuja
The uncontrollable food price in Nigeria, has again escalated inflation to 22.22 per cent in April from 22.04 per cent rate in March, 2023.
From available record, food inflation rate in April 2023 was 24.61 per cent on a year-on-year basis, which was 6.24 per cent
points higher compared to the rate recorded in April 2022 (18.37 per cent).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers; fruits, meat, vegetable, and spirits.
“On a month-on-month basis, the food inflation rate in April 2023 was 2.13 per cent. This was
0.06 per cent points higher compared to the rate recorded in March 2023 (2.07 per cent). The average annual rate of food inflation for the twelve months ending April 2023 over the previous twelve months average was 23.22 per cent, which was 4.35 per cent points increase from the average annual rate of change recorded in April 2022 (18.88 per cent)” NBS said.
Looking at the movement, NBS, said, the April 2023 inflation rate showed an increase of 0.18 per cent points when compared to March 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 5.40 per cent points higher compared to the rate recorded in April 2022, which was 16.82 per cent. 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.
“Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91 per cent, which was 0.05 per cent points higher than the rate recorded in March 2023 (1.86 per cent). This means that in April 2023, on average, the general price level was 0.05 per cent higher relative to March 2023. The percentage change in the average Consumer Price Index (CPI) for the twelve months ending April 2023 over the average of the CPI for the previous twelve months was 20.82 per cent, showing a 4.37 per cent increase compared to the 16.45 per cent recorded in April 2022” the bureau said.
According to the statistics agency, the all items less farm produce or core inflation, which excludes the prices of volatile agricultural produce, stood at 20.14 per cent in April 2023 on a year-on-year basis, up by 5.96 per cent when compared to the 14.18 per cent recorded in April 2022. The highest increases were recorded in prices of gas, passenger transport by air, liquid fuel, vehicle spare parts, fuels, and lubricants for personal transport equipment, medical services, passenger transport by road, etc.
“On a month-on-month basis, the core inflation rate was 1.46 per cent in April 2023. It stood at
1.84 per cent in March 2023, down by 0.38 per cent. The average twelve months annual inflation rate was 17.91 per cent for the twelve months ending April 2023; this was 4.23 per cent points higher than the 13.68 per cent recorded in April 2022” the statistics agency, noted.