Nigeria Inflation

Inflation picks up in April from the prior month

Latest reading: Consumer prices rose 15.7% in annual terms in April, following a 15.4% rise in the previous month. April’s reading was the highest in five months, fanned by rising energy costs amid the Iran conflict and aligned with market expectations. Relative to the previous month's data, price pressures were higher for food and non-alcoholic beverages in April (+16.6% on a year-on-year basis vs +14.1% in March). In contrast, there were reduced price pressures for clothing and footwear (+6.4% vs +8.5% in March), housing and utilities (+8.4% vs +10.2% in March) and transport (+16.0% vs +16.9% in March). Meanwhile, core consumer prices were up 14.8% on a year-on-year basis in April, following a 15.7% increase in the prior month. Lastly, consumer prices were up 2.13% in April on a month-on-month basis, following a 4.18% rise in the prior month.

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