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Nigeria: Inflation ticks up to 12.34% YoY in April

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THUR, MAY 21 2020-theG&BJournal- Nigeria consumer price index (CPI) rose to 12.34 percent in April, 0.08 percent points (12.26 percent) higher than the rate recorded in March 2020, pushed up again by composite food index which rose by 15.03 percent in April 2020 compared to 14.98 percent in March 2020, and reflects the country’s current economic downturn.

The 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, according to the National Bureau of Statistics (NBS) which published the Index today.

On month-on-month basis, the food sub-index increased by 1.18 percent in April 2020, up by 0.24 percent points from 0.94 percent recorded in March 2020.

The food prices and transportation cost was impacted month-on-month by the lockdown and restrictions on movement across several states around the country.

On month-on-month basis, the headline index increased by 1.02 percent in April 2020. This is 0.18 percent rate higher than the rate recorded in March 2020 (0.84 percent).

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.

In April 2020, all items inflation year on year basis was highest in Bauchi (14.44%), Sokoto (13.99%) and Plateau (13.68%), while Edo (10.87%), Abuja (10.81%) and Kwara (8.98%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, April 2020 all items inflation was highest in Akwa Ibom (2.01%), Oyo (1.91%) and Abia (1.81%), while Edo, Enugu and Bayelsa recorded price deflation or negative inflation (general decrease in the general price level or negative inflation rate).

In April 2020, food inflation on a year on year basis was highest in Sokoto (17.88%), Akwa Ibom (17.55%) and Abuja (17.65%), while Ebonyi (13.04%), Edo (12.90%) and Enugu (12.89%) recorded the slowest rise.

On month on month basis however, April 2020 food inflation was highest in Akwa Ibom (2.65%), Lagos (2.49%) and Oyo (2.33%), while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

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