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Nigeria’s Inflation Rises by 12.34% in April

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National Bureau of Statistics (NBS) has said the Nigeria’s Consumer Price Index (CPI) rose by 12.34 percent year-on-year in April from the 12.26 percent recorded in March.

The CPI which measures inflation rate was Thursday by (NBS), showed that the latest inflation rate is 0.08 percent points higher than the rate recorded in March 2020.

The report indicated that increases were recorded in all divisions that yielded the headline index as food index rose by 15.03 percent in April 2020 compared to 14.98 percent in March 2020.

On month-on-month basis, the Headline index increased by 1.02 percent in April 2020, representing 0.18 percent rate higher than the 0.84 percent rate 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.

Urban inflation rate increased by 13.01 percent in the month under review from 12.93 percent recorded in March. Similarly, the rural inflation rate increased by 11.73 percent in April, up from 11.64 percent in March.

Meanwhile, core inflation, which excludes the prices of volatile agricultural produce stood at 9.98 percent in April, up by 0.25 percent when compared with 9.73 percent recorded in March.

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

“The highest increases were recorded in prices of Bicycles, Passenger transport by road, Passenger transport by sea and inland waterways, Paramedical services, Hospital services, pharmaceutical products, Medical services, Motorcycles and Major household appliances whether electric or not,” NBS said.

The average 12-month annual rate of change of the index was 9.17 percent for the twelve-month period ending April, representing 0.06 percent points higher than 9.11 percent recorded in the preceding month.

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