{"id":94976,"date":"2022-05-17T17:23:05","date_gmt":"2022-05-17T16:23:05","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=94976"},"modified":"2022-05-17T17:23:05","modified_gmt":"2022-05-17T16:23:05","slug":"inflation-hits-16-82-exceeds-imfs-2022-projection","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/inflation-hits-16-82-exceeds-imfs-2022-projection\/","title":{"rendered":"Inflation hits 16.82%, exceeds IMF\u2019s 2022 projection"},"content":{"rendered":"<div dir=\"auto\">The Consumer Price Index rose to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed.<\/p>\n<p>The NBS disclosed this in its \u2018Consumer Price Index April 2022\u2019 report on Monday.<\/p><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The report read in part, \u201cIn April 2022, the consumer price index, which measures inflation increased to 16.82 per cent on a year-on-year basis.\u201d<\/div>\n<div dir=\"auto\">\nThe International Monetary Fund had recently projected that Nigeria\u2019s Consumer Price Index would hit 16.1 per cent in 2022.<\/p>\n<p>This projection was presented in a tabular illustration in the IMF\u2019s \u2018Regional Economic Outlook for Sub-Saharan Africa\u2019, which was published on its website.<\/p>\n<p>The latest inflation rate in April is the highest in the country since August 2021 when it was 17.01 per cent.<\/p><\/div>\n<div dir=\"auto\">\nThe rise in the inflation rate in April shows that Nigeria is not left out in the global inflation surge.<\/p>\n<p>But it is also an indication that citizens are becoming poorer, especially given the weakening state of the currency.<\/p><\/div>\n<div dir=\"auto\">\nIn the World Economic Outlook report, the IMF warned about the effects of inflation.<\/p>\n<p>The report read in part, \u201cIn sub-Saharan Africa, food prices are also the most important channel of transmission, although in slightly different ways. Wheat is a less important part of the diet, but food, in general, is a larger share of consumption.<\/p><\/div>\n<div dir=\"auto\">\nHigher food prices will hurt consumers\u2019 purchasing power, particularly among low-income households, and weigh on domestic demand. Social and political turmoil, most notably in West Africa, also weighs on the outlook.\u201d<\/p>\n<p>Recently, the World Bank said COVID-19 pandemic-induced inflation pushed about 23 million Nigerians into a food crisis in 2021, especially in regions battling conflicts.<\/p>\n<p>It added that the war-driven disruptions in the food trade, higher food price inflation, and higher costs of administering food assistance efforts are likely to make more people food insecure.<\/p><\/div>\n<div dir=\"auto\">\nAside from the pandemic and the ongoing war in Ukraine, the World Bank in a different report had said that import restrictions and non-flexible exchange rate management of the Central Bank of Nigeria were the major driving forces for food inflation in Nigeria.<\/div>\n<div dir=\"auto\">\nThe report had read in part, \u201cRising food prices are the underlying factor behind the surge of headline inflation in Nigeria. Food prices have increased due to import restrictions and a nonflexible exchange rate management.<\/p>\n<p>\u201cThe current regime is keeping the official exchange rate of the naira artificially strong while the naira has weakened significantly on the parallel market. Additionally, the central bank has restricted importers\u2019 access to foreign currency for 45 products and has reduced the supply to other importers.\u201d<\/p><\/div>\n<div dir=\"auto\">\nThis, coupled with border closures across Nigeria in recent times, also worsened inflation, analysts said.<\/p>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Consumer Price Index rose to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed. The NBS disclosed&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":94977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-94976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inflation hits 16.82%, exceeds IMF\u2019s 2022 projection - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/inflation-hits-16-82-exceeds-imfs-2022-projection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation hits 16.82%, exceeds IMF\u2019s 2022 projection - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Consumer Price Index rose to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed. 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