Business

Nigeria’s inflation rate rises to 12.34% in April-NBS

Nigeria’s GDP records 1.87% growth in Q1 2020

The Consumer Price Index (CPI), which measures inflation has shown that Nigeria’s inflation has risen to 12.34% in the month of April, 2020.

The Nigeria Bureau of Statistics (NBS) made the disclosure in its latest CPI and Inflation data for the month of April .

The figure, NBS said the figure showed 0.08 per cent points higher than the rate recorded in March 2020 which was 12.26 percent.

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.

The bureau noted that the composite food index rose by 15.03 per cent in April 2020 compared to 14.98 per cent in March.

The NBS said: “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.

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