According to data from the National Bureau of Statistics, the country’s inflation rate increased for the fourth consecutive month in April, surpassing the previous high of 22.04 percent set in March.
The most recent data is based on the Commodity Price Index report that NBS released on Monday, May 15, 2023.
The article states that when compared to the headline inflation rate from March 2023, the April 2023 inflation rate increased by 0.18 percentage points.
In a similar vein, the headline inflation rate was 5.40 percentage points higher year over year than the 16.82 percent rate seen in April 2022.
States With Highest Inflation Include Lagos, Bayelsa, and Ondo
According to reports, the states of Ondo, Bayelsa, and Lagos had the highest rates of inflation in March 2023.
This was contained in the latest National Bureau of Statistics (NBS) data on inflation across the country.
NBS reports that Nigeria’s headline inflation rate for March 2023 increased to 22.04% from February 2023’s headline inflation rate of 21.91%. When compared to the headline inflation rate from February 2023, this indicated an increase of 0.13 per cent point.
At the subnational level, “The inflation rate on a year-on-year basis was highest in Ondo (25.38 per cent), Bayelsa (24.80 per cent), Lagos (24.66 per cent).”
However, Borno, Cross River/Sokoto and Benue states recorded relatively lowest headline inflation on a year-on-year basis, recording 19.18 per cent, 19.24 per cent and 20.01 respectively
Ada Peter
