The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI) which measures inflation in Nigeria rose to 12.34% in April as against 12.26% in March 2020.
According to the NBS report, this represents a marginal increment of 0.08%.
“This is the highest it has risen in 24 months. This is as a result of the national lockdowns and border closure in order to curb the spread of the Coronavirus in the country. Other factors which may have affected the food price is the insecurity in the central and northwestern part of Nigeria,” the NBS report stated.
The report also stated that the Composite Food Index also rose to print 15.03% in April 2020 from 14.98% in March 2020.
“The rise in the index was caused by increases in the prices of Potatoes, Yam and other tubers, bread and cereals, Fish, Oils and fats, Meat, Fruits and Vegetables.
“On a month-on-month basis, the Headline index also increased by 1.02% in April 2020, which is 0.18% points higher than the rate recorded in March 2020 0.84%. Likewise, the all Items less Farm Produce” or Core inflation, which excludes the prices of volatile agricultural produce went by 25bps to 9.98% from 9.73% in March 2020. Urban and Rural inflation rose to 13.01% and 11.73% YoY respectively,” it added.