Home Economy Inflation rate surges to 12.34% as COVID lockdown bites

Inflation rate surges to 12.34% as COVID lockdown bites

by Business News Report

National Bureau of Statistic, NBS has said that the general rise in prices of goods and services in Nigeria has continued its up surge to 12.34 per cent. It noted especially the rise in the prices of food

items across the country. Data from the National Bureau of Statistics (NBS) said that Nigeria’s inflation rate increased by 12.34 per cent, year-on-year, in April 2020. This is 0.08 per cent higher than the rate of 12.26 per cent recorded in March 2020 and the highest rise since April 2018. On a month-on-month basis, the index increased by 1.02% in April 2020, a 0.18% rate higher than 0.84% recorded in the previous month. The composite food index increased by 15.03% in April 2020 0.03 points higher, compared to 14.98% recorded in March 2020.

On a month-on-month basis, the closely watched component of the inflation index increased by 1.18% in April 2020, up by 0.24% points compared to 0.94% recorded in March 2020. According to the report, the rise in the food index was caused by increases in prices of Potatoes, yam and other tubers, Fish, Oils and fats, Meat, Fruits, Bread and cereals, and Vegetables. Core inflation (All items less farm produce) which excludes the prices of volatile agricultural produce stood at 9.98% in April 2020, a 0.25% increase when compared to 9.73% recorded in March 2020. On a month-on-month basis, the core sub-index increased by 0.93% in April 2020, up by 0.13% when compared with 0.8% recorded in the previous month.

The highest increases according to the report, were recorded in prices of Bicycle, passenger transport by road, passenger transport by sea and inland waterways, paramedical services, Hospital services, pharmaceutical products, Medical services, Motorcycles, and Major household appliances whether electronic or not. On state by state basis it said that Bauchi state recorded the highest year-on-year inflation rate of 14.44 per cent followed by Rivers state with 14.16 per cent and Sokoto state, which recorded a 13.99 per cent inflation rate. Meanwhile the states with the lowest rise in inflation rate were Kwara (8.98%), Abuja (10.8%), and Edo state with 10.87 per cent. Sokoto state also recorded the highest year-on-year food inflation rate, followed by Abuja with 17.65 per cent and Akwa Ibom, which recorded 17.55 per cent. On the other hand, Enugu state recorded the slowest rise in food inflation, having recorded a 12.89 per cent increase, followed by Edo state with 12.9 per cent and Ebonyi state with 13.04 p[er cent.

Related Posts