In April, the price of things in Nigeria went up by 0.18%, making the total increase 22.22%.
On Monday, a report called the Consumer Price Index was released by the National Bureau of Statistics.
The data showed a very small increase of 0.18% when compared to the inflation figure from April.
In April 2023, prices went up by 1.91% compared to March 2023, when prices went up by 1.86%. In April 2023, things cost a tiny bit more than they did in March of the same year. The increase was 0.05%.
The cost of things keeps going up in Nigeria even though the bank has raised interest rates to try and control it. The CBN raised the interest rate from 11.5% to 18% between May 2020 and March 2023.
Food prices going up.
The cost of food went up by 24.61% in April 2023 when compared to the same time last year. This is an increase of 6.24% from the previous year’s rate of 18.37%, and it’s also higher than the rate recorded in the previous month which was 24.35%.
Food prices have been going up each year because the cost of things like bread, fish, meat, and vegetables has increased. This is because things like oil and fat, potatoes, fruits, and even alcohol have become more expensive to produce.
The Core inflation rate in April 2023 was 20.14%. This rate doesn’t include the prices of unstable agricultural produce. This means that it went up by 5.96%, which is less than the 14.18% increase in April 2022. It is more than the percentage in March 2023.
More reasons why prices are going up.
Prices of gas, air travel, car parts, fuels, and medical care went up the most.
Some things in different categories have helped the headline index go up. These things are: food and drinks without alcohol (11.51%), homes with water, electricity, gas and fuel (3.72%), clothes and shoes (1.7%), and transportation (1.45%).
Inflation means the prices of things going up over time.
In Bayelsa, Kogi, and Rivers, the prices of things went up the most compared to last year. Borno, Taraba, and Sokoto had the smallest increase in the cost of goods and services compared to other places in the past year.
In April 2023, prices went up the most in Cross River, Bayelsa, and Rivers. Katsina, Jigawa, and Osun had the smallest price increases during that month.
The price of food went up the most in Kogi, Kwara, and Bayelsa, and it went up the least in Sokoto, Taraba, and Jigawa.
Implication means something that is suggested or hinted at, without being directly stated.
The prices of things are still going up a lot, which means the things the Central Bank of Nigeria has done to help fix it haven’t worked yet.
This means that things in Nigeria will become more expensive, and people won’t have as much money to buy them.