Written by Godfrey AKON

Nigeria’s inflation rises to 12.34% in April

Nigeria’s inflation maintained a steady increase in April 2020, hitting 12.34 per cent rate, year-on-year.

The new data contained in the consumer price index, CPI, report by the National Bureau of statistics, NBS, for the month of April, represents 0.08 per cent points higher than the 12.26 per cent rate recorded in March 2020.

According to the report, urban inflation rate increased by 13.01 per cent, year-on-year, in April 2020 from 12.93 per cent recorded in March 2020, while the rural inflation rate increased by 11.73 per cent in April 2020 from 11.64

It also noted that the composite food index rose by 15.03 per cent in April 2020 compared to 14.98 per cent in March 2020, while explaining that the 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.

“On 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.

“The average annual rate of change of the food sub-index for the twelve-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,” the CPI report stated.

The CPI further indicated that the month-on-month headline index increased by 1.02 per cent in April 2020, representing 0.18 per cent rate higher than the rate recorded in March 2020, which was 0.84 per cent.

It said increases were recorded in all classification of individual consumption by purpose, COICOP, divisions that yielded the headline index.

“The corresponding twelve-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 twelve months period ending 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.

“In April 2020, food inflation on a year on year basis was highest in Sokoto (17.88%), Akwa Ibom (17.55%) and Abuja (17.65%), while Ebonyi (13.04%), Edo (12.90%) and Enugu (12.89%) recorded the slowest rise.

“On month on month basis however, April 2020 food inflation was highest in Akwa Ibom (2.65%), Lagos (2.49%) and Oyo (2.33%), while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate),” the report said.

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