Nigeria's inflation jumps to 12.34% in April - NBS report
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Nigeria's inflation jumps to 12.34% in April - NBS report

- The National Bureau of Statistics has published the CPI/Inflation report from the month of April

- The report indicates that Nigeria's (headline) inflation rate jumped from 12.26% in March 2020 to 12.34% in April 2020

- Also, food inflation rose to 15.03% in April 2020 from 14.99% in March 2019 while Core Inflation jumped to 9.98% in April 2020 from 9.73% in Mar 2020

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The latest CPI/Inflation report from the National Bureau of Statistics (NBS) indicates Nigeria's inflation increased by 12.34% in April 2020.

This was revealed in the bureau’s report published on its website.

“Consumer Price Index, the consumer price index, (CPI) which measures inflation, increased by 12.34% (year-on-year) in April 2020. This is 0.08% points higher than the rate recorded in March 2020 (12.26%).

“On month-on-month basis, the Headline index increased by 1.02% in April 2020. This is 0.18% rate higher than the rate recorded in March 2020 (0.84%),” the report states.

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The report added that the increases were recorded in all COICOP divisions that yielded the Headline index.

The NBS report also indicated the corresponding 12-month year-on-year average percentage change for the urban index is 12.26% in April 2020.

This is also higher than 12.15% reported in March 2020, while the corresponding rural inflation rate in April 2020 is 11.20% compared to 11.14% recorded in March 2020.

“On a month-on-month basis, the urban index rose by 1.06% in April 2020, up by 0.18 from 0.88% recorded in March 2020, while the rural index also rose by 0.98% in April 2020, up by 0.18 from the rate recorded in March 2020 (0.80%),” the report added.

According to the report, the percentage change in the average composite CPI for the 12 months period ending April 2020 over the average of the CPI for the previous 12 months period was 11.71%, showing 0.09% increase from 11.62% recorded in March 2020.

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Nigeria's inflation jumps to 12.34% in April - NBS report

Nigeria's inflation jumps to 12.34% in April - NBS report
Source: UGC

The urban inflation rate, said NBS, increased by 13.01% (year-on-year) in April 2020 from 12.93% recorded in March 2020, while the rural inflation rate increased by 11.73% in April 2020 from 11.64% in March 2020.

The NBS explained that the CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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Meanwhile, Legit.ng previously reported that the finance minister, Zainab Ahmed, said Nigeria’s economy will go into a recession based on the current assessment by the NBS.

Ahmed told journalists shortly after the national economic council meeting in Abuja on Thursday, May 21, that the current data shows that the economy will go into a recession at an average of -4.4%.

“The National Bureau of Statistics (NBS) has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4%," she said.

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The minister noted that the federal government was trying to reduce the impact of the recession on Nigerians through stimulus packages.

She said the economic team is making efforts to ensure that the recession is shallow so that the country can quickly come out of it in 2021.

The last time Nigeria entered a recession was in 2016. A country’s economy goes into recession when its Gross Domestic Product (GDP) reduces for two consecutive quarters.

Nigeria is one of the countries hardest hit by the impact of the coronavirus pandemic.

In another report, the first-ever virtual National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo was held in Abuja on Thursday, May 21, at the Presidential Villa, Abuja.

Following the spread of the coronavirus pandemic, the meeting which was the fourth for the year 2020 was anchored from the Yellow Room, the office of the vice president.

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Legit.ng gathered that the minister of finance was present while the state governors joined the virtual meeting from their states.

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Source: Legit.ng

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