Nigeria’s inflation rose to 11.37% in April, after 3 months decline
The consumer price index, which measures inflation, has risen to 11.37% in April 2019, said the monthly inflation report released by the National Bureau of Statistics (NBS). According to the NBS report, year-on-year, inflation up by 0.12% points higher than the 11.25% rate recorded in March 2019.
Also, month-on-month, the headline index increased by 0.94 percent in April 2019 and this represents a 0.15 percent rate higher than the rate recorded in March 2019.
The Bureau stated that food and other items index rose. “The composite food index rose by 13.70 percent in April, compared to the 13.45 percent recorded in the previous month. The rise in food index was caused by increases in prices of meat, fish, oils and fats, bread and cereals, milk, cheese and egg, potatoes, yam and other tubers, fruits and vegetables.”
Similarly, food sub-index increased by 1.14 percent for the month under review, up by 0.26 percent points from 0.88 percent recorded in March. On the other hand, core inflation (all item less farm produce) dropped to 9.3 percent, down by 0.2% when compared with 9.5 percent recorded in March.
The Bureau provided further insight into items that recorded the highest increase in inflation, specifically; some of the items include medical services, hospital services, dental services, tobacco, vehicle spare parts, major household appliances e t c.
Explaining further, it reported that States Inflation rose up in the north. “In the month of April, northern states recorded the highest inflation on all items. The top three states with the highest inflation rate include Kebbi, Bauchi and Zanfara. On the other hand, Abia, Delta and Cross River recorded the slowest inflation rise in headline year on year inflation.”
“Similarly, food inflation data shows that Kaduna, Kebbi and Kwara States recorded the highest rise inflation on year-on -year basis, while Rivers, Bayelsa and Kogi States all recorded the slowest rise inflation.”
It was announced that in the month of April, urban inflation rate increased to 11.70 percent year-on-year basis from 11.54 percent recorded in March. On the other hand, rural inflation increased to 11.08 percent, up from 10.99 percent in March.
“Month-on-month basis, the urban index also rose by 1 percent faster than rural inflation. Specifically, urban inflation up by 0.19 from 0.81 percent recorded in March, while on the other hand rural inflation index rose by 0.9, up from 0.3 percent recorded in the previous month,” said the report.
The rise in April’s inflation rate represents the first time inflation increased in three months. it is worthy to note that inflation had dropped for three consecutive months, from 11.37 percent in December, to 11.25 percent in March 2019. However, the new inflation is just the same rate recorded in December (11.37%).
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