Home / Business / Inflation Rises To 12.34% In April – NBS

Inflation Rises To 12.34% In April – NBS

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation, increased to 12.34 per cent year-on-year in April 2020.

Read Also: Nigeria, Africa Being Exploited With COVID-19, Says Ayade

The NBS made this known in its latest CPI and Inflation Report for the month of April released on Thursday.

It stated that this figure showed 0.08 per cent points higher than the rate recorded in March 2020 which was 12.26 percent.

Read Also: Nigeria Imported 20.89bn Litres Of PMS In 2019 – NBS

It explained that month-on-month basis, the headline index increased by 1.02 per cent in April 2020 and this was 0.18 per cent rate higher than the rate recorded in March 2020 which was 0.84 per cent.

According to the bureau, the composite food index rose by 15.03 per cent in April 2020 compared to 14.98 per cent in March.

Read Also: Video: Soldier Curses Buratai After Truck Runs Into Boko Haram IED

“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.

“On month-month basis the food sub-index increased by 1.18 per cent in April, up by 0.24 per cent points from 0.94 per cent recorded in March.

Read Also: Policeman Dismissed Two Weeks After Commissioning For Stealing Canteen Food

“The average annual rate of change of the food sub-index for the 12-month period ending April this year.

Read Also: Lagos Has Not Reached Its COVID-19 Peak Yet – Abayomi

“Over the previous 12 months average was 14.22 per cent and 0.11 per cent points from the average annual rate of change recorded in March which was 14.11 per cent,” the NBS explained.


About Ademola Aderele

Check Also

AAAN President: Steve Babaeko

Babaeko Emerges 21st AAAN President

Founder and Group Chief Executive Officer of X3M Ideas, Mr. Steve Babaeko, has emerged the …

FG Can’t Tell Private Operators Not To Increase Prices of Goods, Services – Odinkalu

Former Chairman, National Human Rights Commission (NHRC), Professor Chidi Odinkalu, has blasted the Federal Government …

Leave a Reply

WhatsApp Newsbreak