Inflation rate hits two-year high in Nigeria

Nigeria’s inflation rate rose by 12.34 percent year-on-year in April from 12.26 percent in the previous month, the National Bureau of Statistics has said.

On a month-on-month basis, the headline index increased by 1.02 percent in April 2020, compared to 0.84 percent in March, the NBS said in a new report released on Thursday.

It said the urban inflation rate increased by 13.01 percent in April from 12.93 percent in March 2020, while the rural inflation rate increased by 11.73 percent in April from 11.64 percent in March.

“On a month-on-month basis, the urban index rose by 1.06 percent in April, up from 0.88 percent recorded in March, while the rural index also rose by 0.98 percent in April, up by from 0.80 percent recorded in March,” the NBS said.

It said the composite food index rose by 15.03 percent in April compared to 14.98 percent in the previous month.

‘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 bureau said.

The core inflation, which excludes the prices of volatile agricultural produce, stood at 9.98 percent in April, up from the 9.73 percent recorded in March, according to the report.

“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, motor cycles and major household appliances, whether electric or not,” it said.