MON, 16 MAY, 2022-theGBJournal | Nigeria’s headline inflation rose by 90bps in April to 16.82% y/y (March: 15.92% y/y) – the highest since August 2021 (17.01% y/y), according to latest data published by the National Bureau of Statistics (NBS).
The outturn is 16bps higher than Cordros’ estimate (16.66% y/y) and 42bps higher than Bloomberg’s median consensus estimate (16.40% y/y). On a month-on-month basis, headline inflation rose slightly by 2bps to 1.76% (March: 1.74% m/m).
Food inflation expanded by 117bps to 18.37% y/y (March: 17.20% y/y). Specifically, 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 26bps to 14.18% y/y (March: 13.91% y/y) – the highest in five years. 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 24bps to 1.22% m/m in April 2022.
The urban inflation rate increased to 17.35 percent (year-on-year) in April 2022 from 18.68 percent recorded in April 2021, while the rural inflation rate increased to 16.32 percent in April 2022 from 17.57 percent in April 2021.
In April 2022, all items inflation on a year-on-year basis was highest in Bauchi (18.93%), Ebonyi (18.88%), and Akwa Ibom (18.80%), while Sokoto (14.65%), Kwara (15.33%) and Kaduna(15.69%) recorded the slowest rise in headline Year on Year inflation.
On month-on-month basis however, April 2022, recorded the highest increases in Abuja (2.91%), Taraba (2.76%) and Bauchi (2.65%), while Benue (0.29%), Kogi (0.48%) and Niger (0.66%) recorded the slowest rise on month-on-month inflation. .
In April 2022, food inflation on a year-on-year basis was highest in Kogi (22.79%), Kwara (21.56%), and Ebonyi (21.45%), while Sokoto (14.85%), Kaduna (15.55%) and Anambra (16.68%) recorded the slowest rise in year-on-year food inflation.
On a month-on-month basis, however, March 2022 food inflation was highest in Ekiti (4.03%), Taraba (3.68%), and Osun (3.04%), while Anambra (0.66%), Kogi (1.01%) and Bauchi (1.08%) recorded the slowest rise on month-on-month inflation.
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