Nigeria’s Inflation Rate Rises To 12.34% In April

The consumer price index which measures Nigeria’s inflation rate has increased by 12.34% in April, the Nigeria Bureau of Statistics (NBS) says.

This indicates an increase of 0.08% when compared to the 12.26% recorded in March.

According to the NBS report, the food index rose from 14.98% recorded in March to 15.03% in April 2020 while core inflation increased by 0.25% to stand at 9.98% compared to 9.73% recorded in the preceding month.

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.

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 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 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.