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Nigeria’s April inflation rate accelerates to 12.34 %, highest in 2yrs

Nigeria’s Consumer Price Index (CPI) commonly known as inflation rate accelerated to a two-year high in April 2020, a BusinessDay analysis shows.

Data from the April 2020 inflation report by the National Bureau of Statistics (NBS) released this afternoon showed that inflation rose month-on-month by  12.34 percent which was 1.02 percentage points higher than the rate recorded in March 2020 (12.26 percent).

Also, food inflation which constitutes more than 50 percent of CPI rose on month-on-month by 1.18 percentage points to 15.03 percent in April 2020, highest in 25 months compared to 14.98 percent in the previous month.

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

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