- Food Inflation Hits 24.61%
- Core Inflation Hits 20.14%
- All-Items Index Hits 1.91%
CEM REPORT, ECONOMY| Annual Inflation has risen by 0.18 per cent to 22.22 per cent in April from 22.04 per cent in March.
Year-on-year, the headline inflation rate stands at 5.40 per cent points higher compared to the rate recorded in April 2022, which was 16.82 per cent.
The National Bureau of Statistics (NBS), Consumer Price Index (CPI) report recently released revealed this.
The report also showed an increase in urban inflation on a year-to-year basis
“In April 2023, the urban inflation rate was 23.39%, this was 6.05% points higher compared to the 17.35% recorded in April 2022. On a month-on-month basis, the urban inflation rate was 2.05% in April 2023, this was 0.05% points higher compared to March 2023 (2.00%).”
Additionally, the report states that in the review month food inflation rate rose by 6.24 per cent to 24.61 per cent from 18.37 per cent in the corresponding period of the previous year (April 2022).
The bureau said the rise in food inflation was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.
On a month-on-month basis, the food inflation rate in April 2023 was 2.13 per cent; this was 0.06 per cent points higher compared to the 2.07 per cent recorded in March 2023.
“The average annual rate of food inflation for the twelve months ending April 2023 over the previous twelve months average was 23.22 per cent, which was a 4.35 per cent points increase from the average annual rate of change recorded in April 2022 (18.88 per cent).”
Also, the report added that the core inflation, which excludes the prices of volatile agricultural produce, on a year-on-year basis rose by 5.96 per cent from 14.18 per cent recorded in April 2022 to 20.14 per cent in April 2023.
Noting that the highest increases were recorded in gas prices, passenger transport by air, liquid fuel, vehicle spare parts, fuels, and lubricants for personal transport equipment, medical services, passenger transport by road, etc.
“On a month-on-month basis, the Core inflation rate was 1.46 per cent in April 2023. It stood at 1.84 per cent in March 2023, down by 0.38 per cent.
“The average twelve months annual inflation rate was 17.91 per cent for the twelve months ending April 2023; this was 4.23 per cent points higher than the 13.68 per cent recorded in April 2022.”
Furthermore, the NBS revealed that on a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate recorded in March 2023 (1.86%).
This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.