The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate for the month of April 2020 increased by 12.34 percent (year-on-year).The NBS said in its monthly report of the consumer price index, (CPI) which measures inflation that the rate was 0.08 percent points higher than the rate 12.26 percent recorded in March 2020.
It noted that on month-on-month basis, the Headline index increased by 1.02 percent in April 2020, representing 0.18 percent rate higher than the rate recorded in March 2020 of 0.84 percent.
According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
It added that 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.
“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,” the report said.
According to the NBS, the composite food index rose by 15.03 percent in April 2020 compared to 14.98 percent in March.
“This rise in the food index was caused by increases in prices of potatoes, yam and other tubers as well as bread and cereals, fish, oils and fats, meat, fruits and vegetables,” the NBS said.