Nigeria’s inflation rises to 12.34% in April 2020

Darnell Taylor
May 22, 2020

The ONS said the Ofgem cap changes last month meant that gas prices fell 3.5% between March and April, while the cost of electricity edged 0.2% higher, compared with hikes of 9.3% and 10.9% respectively a year ago.

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

Increases in the average general Consumer Price Index (CPI) were attributed to increases in the prices of education (+5.39 per cent), transport (+4,16 per cent) and food products and non-alcoholic drinks (+4.68 per cent).

Accordingly, the gauge of food prices, food index, rose from 14.98 percent year-on-year in March to 15.03 percent in April.

From March, prices fell 0.7%, matching the largest one-month drop since 2008.

It said that the figure showed 0.08 per cent points higher than the rate recorded in March 2020 which was 12.26 percent.

As a result, prices have dropped by 0.2% in April compared to the same time a year prior- which is definitely not on par with the otherwise annual rate of 0.9% in March.

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

The consumer price index rose 1.9 percent year-on-year in April, after a 2.3 percent increase in March.

While Britain's government has eased its lockdown, the bulk of shops remain shut as the country's official death toll from COVID-19 reached at least 41,000, second only to the United States. "Supply chain disruptions imply a loss of access to some markets, and consumers would likely pay more for goods and services".

The federal government had on May 2, 2020, directed the release of about 17,500 metric tonnes of assorted grains from the Yola National Food Reserve site for distribution as palliatives to Nigerians.

"Inflation should be the least of our worry; it should be trying to exit the lockdown, and getting the economy to recover".

Analysts are keeping a close watch on whether the price trend will be deflationary going forward, which would hit companies' profits and may add downward pressure on wages.

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