JUST IN: Inflation Rises To 12.34%

Nigeria’s inflation rate rose to 12.34% in April, representing an  0.008% increase from the 12.26% recorded in March.

The National Bureau of Statistics disclosed this in its consumer price index report for April 2020, on Thursday, saying that increases were witnessed in all inflation indexes covered by  the report.

According to  the NBS, food Inflation rose to  15.035 in April as against 14.98% in March 2020, representing a 5.5% hike.

It said, “”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 voegetables,” 

The report showed the annual rate of food inflation in the twelve months period ending April 2019 averaged 14.22%, representing an 0.11% hike from the figure recorded in the twelve months period ending March 2020, which was 14.11%.

The urban inflation rate grew to 13.015% in April, 2020 from 12.93% recorded in March 2020, while rural inflation surged by 11.73% from 11.64% in March.

“On a month-on-month basis, the urban index rose to 1.06 percent in April 2020, up by 0.18 from 0.88 percent recorded in March 2020, while the rural index also rose to  0.98 percent in April 2020, up by 0.18% from the rate recorded in March 2020 (0.80) percent,” the report added.