Inflation inches up by 0.12% to 11.37% in April

Joseph Inokotong, Abuja

Inflation in Nigeria recorded marginal increase of 0.12 per cent to 11.37 per cent in April, better than 11.25 per cent recorded in March 2019.

Data released Wednesday in Abuja by the National Bureau of Statistics (NBS) showed that the increases were recorded in all COICOP divisions that yielded the Headline index.

The NBS in its report said “consumer price index (CPI) which measures inflation increased by 11.37 per cent (year-on-year) in April 2019. This is 0.12 per cent points higher than the rate recorded in March 2019 (11.25) per cent.”

The statistics show that on a month-on-month basis, the Headline index increased by 0.94 per cent in April 2019, and indicating a 0.15 per cent rate higher than the rate recorded in March 2019 (0.79) per cent.

However, the percentage change in the average composite CPI for the 12 months period ending April 2019 over the average of the CPI for the previous 12 months period was 11.31 per cent, showing 0.09 percent point from 11.40 per cent recorded in March 2019.

According to the NBS, the urban inflation rate increased by 11.70 per cent (year-on-year) in April 2019 from 11.54 percent recorded in March 2019, while the rural inflation rate increased by 11.08 per cent in April 2019 from 10.99 per cent in March 2019.

It noted that on a month-on-month basis, the urban index rose by 1.00 per cent in April 2019, up by 0.19 from 0.81 percent recorded in March 2019, while the rural index also rose by 0.90 per cent in April 2019, up by 0.13 from the rate recorded in March 2019 (0.77) per cent.

The corresponding 12-month year-on-year average percentage change for the urban index is 11.69 per cent in April 2019.

This is less than 11.78 per cent reported in March 2019, while the corresponding rural inflation rate in April 2019 is 11.00 per cent compared to 11.08 per cent recorded in March 2019.

The NBS report further show that the composite food index rose by 13.70 percent in April 2019 compared to 13.45 per cent in March 2019.

It attributed the rise in the food index to “increases in prices of Meat, Fish, Oils and fats, Bread and cereals, Fish, Milk, Cheese and egg, Potatoes, yam and other tubers, Fruits and Vegetables”.

However, on a month-on-month basis, the food sub-index increased by 1.14 per cent in April 2019, up by 0.26 per cent points from 0.88 percent recorded in March 2019.

The average annual rate of change of the Food sub-index for the 12-month period ending April 2019 over the previous 12-month average was 13.34 per cent, 0.08 per cent points from the average annual rate of change recorded in March 2019 (13.42) per cent.

“All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.3 per cent in April 2019, down by 0.2 per cent when compared with 9.5 percent recorded in March 2019”, NBS stated.