Nigeria’s inflation rises 3rd consecutive time to 8-month high of 16.8%

Inflation, the average change in the prices of goods and services rose for the third consecutive time to an eight-year high of 16.8 per cent in the month of April, the National Bureau of Statistics (NBS) said yesterday.

The bureau explained that the increase in the prices of bread and gas are major culprits to the ugly development.

Analysts expressed sadness over the development, considering the huge amount already spent of agriculture.

Annual food inflation accelerated to 18.4 per cent from 17.2 per cent in March. The surge sent the headline rate to 16.8 per cent, according to data released on the National Bureau of Statistics’ website on Monday. That’s the highest level since August.

This rise in the food index was caused by increases in the prices of bread and cereals, food products like potatoes, yam, other tubers, Wine, fish, meat, and oils.

On a month-on-month basis, the food sub-index increased to two per cent in April 2022, up by 0.01 per cent points from 1.99 per cent recorded in March 2022.

Also, the average annual rate of change of the Food sub-index for the twelve-month period ending April 2022 over the previous twelve-month average is 18.88 per cent, 0.34 per cent points from the average annual rate of change recorded in March 2022 (19.21) percent.