Nigerian Inflation Leapt To 12.34% In April

Inflation
Inflation

The inflation leapt by 0.08 per cent points higher than 12.26 per cent rate recorded in March 2020, National Bureau of Statistics, NBS, indicated in a monthly data report released on Thursday.

On a month-on-month basis, the Headline index increased by 1.02 percent in April 2020. This is a 0.18 percent rate higher than the rate recorded in March 2020 (0.84 percent).

The increases, according to the report, were recorded in all COICOP divisions that yielded the Headline index.

The corresponding 12th-month year-on-year average percentage change for the urban index is 12.26 percent in April 2020. This is higher than 12.15 percent reported in March 2020, while the corresponding rural inflation rate in April 2020 is 11.20 percent compared to 11.14 percent recorded in March 2020.

On a month-on-month basis, the urban index rose by 1.06 percent in April 2020, up by 0.18 from 0.88 percent recorded in March 2020, while the rural index also rose by 0.98 percent in April 2020, up by 0.18 from the rate recorded in March 2020 (0.80) percent.

The percentage change in the average composite CPI for the 12-month period that ended April 2020 over the average of the CPI for the previous twelve months period was 11.71 percent, showing 0.09 percent point rise from 11.62 percent recorded in March 2020.

The urban inflation rate increased by 13.01 percent (year-on-year) in April 2020 from 12.93 percent recorded in March 2020, while the rural inflation rate increased by 11.73 percent in April 2020 from 11.64 percent in March 2020.

On a month-on-month basis, the food sub-index increased by 1.18 percent in April 2020, up by 0.24 percent points from 0.94 percent recorded in March 2020.

This rise in the food index was caused by increases in prices of potatoes, yam and other tubers, bread and cereals, fish, oils and fats, meat, fruits and vegetables. The composite food index rose by 15.03 percent in April 2020 compared to 14.98 percent in March 2020.

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The average annual rate of change of the Food sub-index for the 12-month period ending April 2020 over the previous twelve-month average was 14.22 percent, 0.11 percent points from the average annual rate of change recorded in March 2020 (14.11) percent.

On a month-on-month basis, the core sub-index increased by 0.93 percent in April 2020. This was up by 0.13 percent compared with 0.80 percent recorded in March 2020.