Inflation exceeds IMF’s 2022 projection, reaches 16.82%

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

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

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

The International Monetary Fund had earlier projected that Nigeria’s Consumer Price Index would hit 16.1 percent in 2022.

This projection was presented in a tabular illustration in the IMF’s ‘Regional Economic Outlook for Sub-Saharan Africa’, which was published on its website.

The latest inflation rate in April is the highest in the country since August 2021 when it was 17.01 percent.

The rise in the inflation rate in April shows that Nigeria is not left out in the global inflation surge.

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



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