Inflation Hits 16.82%, Exceeds IMF’s 2022 Projection

The Consumer Price Index rose to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed.

The NBS disclosed this in its ‘Consumer Price Index April 2022’ report on Monday.

The report read in part, “In April 2022, the consumer price index, which measures inflation increased to 16.82 per cent on a year-on-year basis.”

The International Monetary Fund had recently projected that Nigeria’s Consumer Price Index would hit 16.1 per cent in 2022.

But it is also an indication that citizens are becoming poorer, especially given the weakening state of the currency.

In the World Economic Outlook report, the IMF warned about the effects of inflation.

The report read in part, “In sub-Saharan Africa, food prices are also the most important channel of transmission, although in slightly different ways. Wheat is a less important part of the diet, but food, in general, is a larger share of consumption.


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