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Nigeria: Inflation Rates Jumped to 16.82% in April

Nigeria: Inflation Rates Jumped to 16.82% in April

Reports have indicated that inflation in Nigeria climbed to 16.82% in April, an incident that followed similar trends noted in the month before as a result of the increase in food and energy prices. This, according to reports, is the highest recorded since the previous high of August 2021. This statement was contained in the Consumer Price Index report released by the National Bureau of Statistics (NBS).

The report, which periodically measures the rate of inflations, stated that the current rate of 16.82% represents a 0.9% increase from the 15.92% noted in March. On the other hand, when measured by month-by-month criteria the increase is also noted, rising by 1.76% in April as opposed to the 1.74% increase recorded in March.

Also recorded was the urban inflation rate which increased to 17.35%, rural inflation rate at 16.32%, and food inflation at 18.37%, the latter driven by increases in food items like potatoes, yam, wine, meat, bread, and cereals and oils. Core inflation was also noted as having risen to 14.18% and was caused by hikes in the prices of clothing material, liquid fuel, and gas.

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The reports rounded off by naming states with the highest inflation rates (on a year-by-year basis). They included Bauchi at 18.93%, Ebonyi at 18.88%, and Akwa Ibom at 18.80%. Conversely, the following states were noted to have the slowest inflations rates: Sokoto at 14.65%, Kwara at 15.33%, and Kaduna at 15.69%.

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