Nigeria’s Inflation Rate increased by 12.34 Per cent in April— NBS 

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The National Bureau of Statistics has revealed that Inflation rate increased by 12.34 percent (year-on-year) in April 2020 amid economic downturn ocassioned by the coronavirus pandemic. 

The NBS disclosed this in its report on Consumer Price Index for April 2020, which was released on Thursday.

The increase is 0.08% higher than the rate of 12.26% recorded in March 2020 and the highest rise since April 2018.

On a month-on-month basis, the index increased by 1.02% in April 2020, a 0.18% rate higher than 0.84% recorded in the previous month.

The composite food index increased by 15.03% in April 2020 0.03 points higher, compared to 14.98% recorded in March 2020.

On a month-on-month basis, the closely watched component of the inflation index increased by 1.18% in April 2020, up by 0.24% points compared to 0.94% recorded in March 2020.

According to the report, the rise in the food index was caused by increases in prices of Potatoes, yam and other tubers, Fish, Oils and fats, Meat, Fruits, Bread and cereals, and Vegetables.

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