This represents the highest rate recorded since August 2021 (highest in eight months). Similarly, the urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68per cent recorded in April 2021, while the rural inflation rate increased to 16.32per cent in April 2022 from 17.57per cent in April 2021. The NBS report showed that food inflation rose to 18.37per cent in the review month, an increase compared to the 17.2 per cent recorded in the preceding month. “This rise in the food index was caused by increases in the prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils,” it stated. In the same vein, the core inflation rate rose to 14.18 per cent in April 2022 from 13.91 per cent recorded in the previous month.

Source: Nigerian Tribune May 17, 2022 08:18 UTC