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Nigeria’s Inflation notches up to 11.37 in April

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Nigeria’s Inflation notches up to 11.37 in April

The monthly inflation recorded a slight increase of 0.12 per cent in April settling at 11.37 per cent compared to March figure of 11.25, National Bureau of Statistics ( NBS) announced Wednesday.

The Bureau, in its monthly inflation bulletin posted on its official website, disclosed that on month- on- month basis, the headline index increased by 0.94 percent in April 2019, which is 0.15 percent higher than the rate recorded in March 2019, 0.79 percent.

It explained that, 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 was 11.31 percent, showing 0.09 percent points from 11.40 percent recorded in March 2019.

” The urban inflation rate increased by 11.70 percent year-on-year in April 2019 from 11.54 percent recorded in March 2019, while the rural inflation rate increased by 11.08 percent in April 2019 from 10.99 percent in March 2019″

“On a month-on-month basis, the urban index rose by 1 percent in April 2019, up by 0.19 from 0.81 percent recorded in March 2019, while the rural index also rose by 0.90 percent in April 2019, up by 0.13 percent from the rate recorded in March 2019, 0.77 percent”

The NBS said the corresponding 12-month year-on-year average percentage change for he urban index was 11.69 percent in April 2019, lesser than 11.78 percent reported in March 2019, while the corresponding rural inflation rate in April 2019 was 11 percent compared with 11.08 percent recorded in March 2019.

According to the stats office, the composite food index rose by 13.70 percent in April 2019 compared with 13.45 percent in March 2019. This rise was attributed to increases in meat, fish, oils and fats, bread and cereals, milk, cheese and egg, potatoes, yam and other tubers, fruits and vegetables.

On a month-on-month basis, the food sub-index increased by 1.14 percent in April 2019, up by 0.26 percent 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 percent, 0.08 percent point from the average annual rate of change recorded in March 2019, 13.42 percent.

The CPI measures the average change over time in prices of goods and services consumed by people for day to day living. The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

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