Inflation Rises to 12.34%

Nigeria’s inflation rate rose to 12.34% in April, representing a 0.008% increase from the 12.26% recorded in March.

The National Bureau of Statistics disclosed this in its consumer price index report for April 2020, on Thursday, saying that increases were witnessed in all inflation indexes covered by the report.

According to the NBS, food Inflation rose to 15.035 in April as against 14.98% in March 2020, representing a 5.5% hike.

The urban inflation rate grew to 13.015% in April 2020 from 12.93% recorded in March 2020, while rural inflation surged by 11.73% from 11.64% in March.

Furthermore, on a month-on-month basis, April 2020 food inflation was highest in Akwa Ibom (2.65%), Lagos (2.49%) and Oyo (2.33%, while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation.