Food price escalates inflation in April to 16.82%, says NBS

From Isaac Anumihe, Abuja

Inflation in April 2022 galloped to an all-time high of 16.82 per cent from 15.92 per cent recorded in March due to a combination of factors such as food price, fuel scarcity, insecurity and electioneering.

A statement obtained from NBS website, yesterday, stated that the increase is 1.3 per cent points lower compared to the rate recorded in April 2021 (18.12) per cent.

The composite food index rose to 18.37 per cent in April 2022 compared to 22.72 per cent in April 2021.

This rise in the food index, according to the bureau, was caused by increases in the prices of bread and cereals; food products  — potatoes, yam and other tubers; wine, fish, meat, and oils.

On a month-on-month basis, the food sub-index increased to 2.00 per cent in April 2022, up by 0.01 per cent points from 1.99 per cent recorded in March 2022.

The average annual rate of change of the food sub-index for the twelve-month period ending April 2022 over the previous twelve-month average is 18.88 per cent, 0.34 per cent points from the average annual rate of change recorded in March 2022 (19.21) per cent.

This means that the headline inflation rate slowed down in April when compared to the same month in the previous year. Increases, NBS, noted, were recorded in all Consumption According to Purpose (COICOP) divisions that yielded the headline index.

NBS said, however, that on a month-on-month basis, the headline index increased to 1.76 per cent in April 2022.

“This is a 0.02 per cent rate higher than the rate recorded in March 2022 (1.74) per cent. The percentage change in the average composite Consumer Price Index (CPI) for the twelve months period ending April 2022 over the average of the CPI for the previous twelve months period is 16.45 per cent, showing a 0.1 per cent decrease compare to the 16.54 per cent recorded in March 2022.
The urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased to 16.32 per cent in April 2022 from 17.57 per cent in April 2021” the bureau, said.