The inflation rate in Nigeria has continued its upward trajectory, increasing for the fourth consecutive month to 22.22% in April from 22.04% in March. This unsettling data is according to the Commodity Price Index report published on Monday by the National Bureau of Statistics.

The new figures reveal that the April 2023 inflation rate saw a rise of 0.18 percentage points in comparison to March 2023’s headline inflation rate. Additionally, the headline inflation rate was 5.40 percentage points higher when compared to April 2022, which recorded 16.82%.

Economists attribute the continuous rise in inflation to the sustained insecurity threatening the agricultural sector, leading to an increasing cost of essential food items. Also, the inconsistent foreign exchange policies of the government, which have caused a fluctuation in the exchange rate, have led to a rise in the cost of imported commodities.

Unfortunately, this surge in inflation could worsen the living conditions of Nigerians, who are already dealing with the impact of high inflation and increased taxation. The government must take a clear action plan to bring inflation under control. Nigerians are hopeful that the government will take immediate practical steps to tackle inflation.

The National Bureau of Statistics has promised to provide more details on the inflation rate report. We will keep you updated.

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