Nigeria: Inflation Rate Rises To 13.7%

The National Bureau of Statistics (NBS) on Monday said the inflation rate in April rose to 13.7 per cent as against 12.8 per cent in March.

This was contained in the April 2016 Consumer Price Index/Inflation Report issued by the NBS in Abuja.

The CPI measures the average change over time in prices of goods and services consumed by people on daily basis.

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According to the report, the CPI, which has measured inflation in April, recorded a relatively strong increase for the third consecutive month.

It said: “The Headline Index increased by 13.7 per cent (year-on-year), roughly 0.9 per cent points higher than the rates recorded in March (12.8 per cent).

“The higher rate of increase relative to March reflected in faster increases across all divisions which contribute to the index with the exception of the Restaurants and Hotels Division.

“It contributed to the index with the exception of the restaurant and hotels division which increased, albeit at a slower pace for the third consecutive month.

“Lingering structural constraints continue to manifest spillovers in April.

“It continues to manifest as electricity rates, kerosene prices, the impact of higher PMS prices and vehicle spare parts were the largest contributors to the Core Sub Index during the month.”

The report said those items as well as other imported ones continued to have ripple effects across many divisions that contribute to the core.

According to the statement, the food index has reflected tighter supplies across most groups that contribute to the sub-index.

It said: “The sub-index increased by 13.2 per cent in April, up by 0.4 per cent points from rates recorded in March.

“All major food groups which contribute to the food sub-index increased at a faster pace driven by higher food prices in fish, bread and cereals, and vegetables groups.”

Meanwhile, the report said that month-on-month, while the Headline Index increased in April, the index slowed for the second consecutive month.

“All divisions which contribute to the index increased at a slower pace, during the month with the exception of the Housing, Water, Electricity, Gas and Other Fuel division,” the report said.

 

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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