Nigeria’s Consumer Price Index (CPI) rose to 22.22 percent in April 2023 from 22.04 percent in the previous month of March 2023, according to the latest publication by the National Bureau of Statistics (NBS).

The CPI measures the rate of change in prices of goods and services for a given period of time.

In its latest report, the NBS said the upward trend in CPI for April amounted to an increase of 0.18% points when compared to March 2023 headline inflation rate.

Also, on a year-on-year basis, the headline inflation rate increased by 5.40% points in April 2023 compared to the 16.82% rate recorded in April 2022.

The report also stated that on a month-on-month basis, the All-Items Index in April 2023 increased by 0.05% points to 1.91%, higher than the 1.86% rate recorded in March 2023.

This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023. The percentage change in the average CPI for the twelve months ending April 2023 over the average of the CPI for the previous twelve months was 20.82%, showing a 4.37% increase compared to the 16.45% recorded in April 2022.

According to the report, Bayelsa, Kogi, and Rivers states are the top 3 states with the highest inflation rates of 26.14%, 25.57%, and 24.95% on a year-to-year basis.

On the other hand, Cross River, Bayelsa, and Rivers came 1st, 2nd, and 3rd on the table of the states with the highest inflation rates of 3.05%, 2.92%, and 2.62% respectively on a month-to-month basis.

In terms of contributions of the items on the divisional level to the increase in the headline index are Food and non-alcoholic beverages (11.51%), Housing water, electricity, gas, and other fuel (3.72%), clothing and footwear (1.70%) and Transportation (1.45%).