- The cost of living for Nigerians is becoming expensive as once again in the month of April inflation figures rose
- The NBS in its latest report noted that changes in prices of goods and services in the country rose to the highest level since September 2021
- The worst-hit are residents of Kogi, Kwara, and Ebonyi who were forced to pay 20% more for food items than they did the previous month
In April 2022, inflation reached an eight-month high of 16.82 per cent, owing to the rising cost of food and energy.
This is according to the information contained in the Consumer Price Index report released by the National Bureau of Statistics (NBS).
NBS April 2022 inflation figure indicates a 1.99 per cent increase when compared to 15.92 per cent recorded in March 2022.
Food getting more expensive
Food is an essential component of inflation, and the Nigerian Bureau of Statistics (NBS) found that Nigerians were forced to allocate more for food.
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According to the NBS report, the food index increased to 18.37 per cent from 17.20 per cent in March 2022.
The rise in the food index was caused by increases in the prices of bread and cereals; food products—- potatoes, yam and other tubers; wine, fish, meat, and oils, TheCable reports.
When comparing April 2022 to what it stood in April 2021, the highest rates of food inflation were observed in Kogi (22.79 percent), Kwara (21.56 per cent), and Ebonyi (21.45 percent).
Sokoto (14.85 percent), Kaduna (15.55 percent), and Anambra (16.68 percent) had the least increases in food inflation year on year.
On month-on-month basis however, April 2022, recorded the highest increases in Abuja (2.91%), Taraba (2.76%) and Bauchi (2.65%), while Benue (0.29%), Kogi (0.48%) and Niger (0.66%) recorded the slowest rise on month-on-month inflation. .
Fuel scarcity drives up the price of diesel
Meanwhile, Legit.ng previously reported that fuel scarcity had driven up the price of diesel to N550 per litre.
Buyers interviewed by Legit lamented the ripple effect of the hike in petroleum products in the country.
Michael Agwu, a businessman told Legit.ng in Lagos that what the price increase means is that it will further drive up inflation in the country.