Inflation prints at 22.23% y/y in April 2023

The National Bureau of Statistics (NBS) released Nigeria’s April 2023 Consumer Price Index (CPI) report. The report revealed yet another rise  in y/y inflation rate, increasing by 18bps to print at 22.23% y/y from 22.05% in March 2023. Driven by food prices and non-alcoholic beverages . From a month-on-month perspective, headline inflation rate recorded a 5bps rise  to print at 1.91% m/m from 1.86% m/m in March 2023.

Kindly download the attached file to view our report and expectations.