Nigeria Records Increase in General Price Level to 12.34%
In line with analysts’ projections, the nation’s reported an increase in general (average) price level for April.
The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation, increased by 12.34 percent in April 2020.
This data was made available in recent CPI and Inflation Report for the month of April released on Thursday.
The data showed 0.08 percent points higher than the rate recorded in March 2020 which was 12.26 percent.
On month-on-month basis, the headline index increased by 1.02 percent in April 2020, 0.18 percent rate higher than the rate recorded in March 2020.
In March, it was 0.84 percent.
Meanwhile, the composite food index rose by 15.03 percent in April 2020 compared to 14.98 percent in March.
“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 percent in April, up by 0.24 percent points from 0.94 percent recorded in March.
“The average annual rate of change of the food sub-index for the 12-month period ending April this year.
“The previous 12 months average was 14.22 percent and 0.11 percent points from the average annual rate of change recorded in March at 14.11 percent,” the NBS reported.
Nigeria Records Increase in General Price Level to 12.34%
