The new annual rate is the highest since September 2021 (16.63 per cent).

Nigeria's inflation rate rose to 16.82 per cent in April, recording the highest jump in eight months, the National Bureau of Statistics (NBS) said in its report Monday.

The consumer price index, which measures the rate of increase in the price of goods and services, jumped amid increases recorded in food and energy prices.

The NBS said on Monday that the rate is 1.3 per cent points lower compared to 18.12 per cent recorded in April 2021.

However, the new annual rate is the highest since September 2021 (16.63 per cent).

The NBS said that headline inflation rate slowed down in April 2022 compared to the same month in the previous year.

Urban Inflation

The report said urban inflation rate increased to 17.35 percent (year-on-year) in April 2022 from 18.68 percent recorded in April 2021, while the rural inflation rate increased to 16.32 percent in April 2022 from 17.57 percent in April 2021.

On a month-on-month basis, the urban index rose to 1.78 percent in April 2022, up by 0.02 from the rate recorded in March 2022 (1.76), while the rural index also rose to 1.74 percent in April 2022, up by 0.01 from the rate that was recorded in March 2022 (1.73) percent.

The corresponding average percentage change for the urban index between 2021 and 2022 is 17.01 percent in April 2022. This is lower than 17.10 percent reported in March 2022.

On the other hand, the corresponding rural inflation rate in April 2022 is 15.91 percent compared to 16.00 percent recorded in March 2022.

Last month, Nigeria's consumer price inflation rose amid rise in food and energy prices around the world, worsened by Russia's invasion of Ukraine.