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Nigeria Inflation April 2023

Nigeria: Inflation accelerates to near 18-year high in April

Inflation rose to 22.2% in April, up from March’s 22.0%, moving further above the upper bound of the Central Bank’s 6.0–9.0% target range. April’s result represented the highest inflation since September 2005. Looking at the details of the release, April’s acceleration was chiefly driven by stronger price increases for food—which make up the bulk of the inflation basket: Food prices rose by 24.5% in April. Additionally, price pressures for housing and utilities also intensified. April’s result likely means the Central Bank will extend its tightening cycle at its next meeting in May.

Accordingly, the trend pointed up, with annual average inflation rising to 20.8% in April, up from March’s 20.4%. Similarly, core inflation rose to 20.1$ in April, up from the previous month’s 19.9%.

Lastly, consumer prices rose 1.91% in April, a stronger increase than the prior month’s 1.86%.

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