Nigeria’s Consumer Price Index, which measures inflation rate, rose to 22.22 per cent in April from the 22.04 per cent recorded in March.
The National Bureau of Statistics, NBS, in a report on Monday noted that the increase in headline inflation for April represented 0.18 percentage when compared to March 2023.
DAILY COMMERCE Nigeria reports that the latest report indicated the fourth consecutive months of mounting inflation and depleting purchasing power of Nigerian consumers.
The ballooning inflation has defied all measures including the recent infamous Cashless Policy by the Central Bank of Nigeria under the outgoing administration of President Muhammadu Buhari.
The NBS added that on a year-on-year basis, the headline inflation rate was 5.40 percentage points higher compared to the rate recorded in April 2022, which was 16.82 per cent.