Nigeria’s Inflation Rate Jumps to 16.82%

Nigeria’s Inflation Rate Jumps to 16.82%

Nigeria’s headline inflation rose by 90 basis points in April to 16.82% year on year from 15.92% in March, the highest since August 2021 when the consumer price index printed at 17.01%, according to the National Bureau of Statistics (NBS).

The outturn is 16 basis points higher than Cordros Capital’s estimate of 16.66% year on year and it beats Bloomberg’s median consensus estimate of 16.40% by 42 basis points, according to analysts.

NBS data shows that on a month-on-month basis, headline inflation rose slightly by 2 basis points to 1.76% as against 1.74% recorded in March. Food inflation expanded by 117 basis points to 18.37% from 17.20% year on year in March. 

Specifically, the pressure was most significant 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, food inflation rose by 2.00%, relative to the 1.99% m/m recorded in the previous month.

Similarly, the core inflation reversed the previous month’s downtrend, increasing by 26 basis points to 14.18% compared with 13.91% in the previous month – the highest in five years. READ: Treasury Bills Yield Jumps 11 Basis Points after CBN Auction

Pressures were most significant in the prices of Gas, Liquide fuel, Cleaning, repair and hire of clothing, Clothing materials, other articles of clothing, and Clothing accessories. Compared to the previous month, the core index increased by 24 basis points to 1.22% month on month in April 2022.  # Nigeria’s Inflation Rate Jumps to 16.82%