The rise in food inflation on a year-on-year basis was caused by an increase in prices of basic food items.
Nigeria’s annual inflation has risen to 22.22% in April from 22.04% the previous month. This is according to date released by the country’s National Bureau of Statistics yesterday.
Due to the rising cost of food, inflation has remained elevated in Africa’s biggest economy, eroding savings and incomes, and prompting the central bank to hike interest rates to their highest level in nearly two decades.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam …, fruits, meat, vegetable, and spirits,” the bureau said.
The latest data comes as President-elect Bola Ahmed Tinubu prepares to take office later this month after a contentious February election.
The central bank is due to set interest rates next week after hiking the benchmark lending rate in March by 50 basis points to 18%, citing continued price pressures and a weakening naira currency.