April Inflation Figures Show Increase In Prices Of Foods And Services

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National Bureau of Statistics (NBS) has released inflation figures for the month of April with slight increase in prices of foods and services recorded.

According to official figures from the NBS, inflation rate increased from 12.26% to 12.34% representing a 0.08% increase from the figures recorded in March.

Food inflation also increased to 15.03% from 14.99% in March, while the Core sub-index rose to 9.98% from 9.73% in the previous month.

April 2020 CPI/Inflation report published @ https://t.co/rfdVphsJdb

YEAR on YEAR:
Headline Inflation at 12.34% in April 2020 from 12.26% in March 2020. Food inflation at 15.03% in April 2020 from 14.99% in Mar 2019. Core Inflation at 9.98% in April 2020 from 9.73% in Mar 2020). pic.twitter.com/FNWGjqGhO7

There was an increase in the prices of oil and fats, bread and cereal, Tuber, fruits and other food commodities, while services like the medical and pharmaceutical, cost of household appliances and transport services also saw an increase.

Rural index rose by 0.09% to 11.73% while the urban index also from 12.93% to 13.01%.

April 2020 CPI/Inflation report published @ https://t.co/rfdVphsJdb

STATES PROFILES: pic.twitter.com/mu9XDih933

— Dr Yemi Kale (@sgyemikale) May 21, 2020

Highest rise in headline inflation was seen in Bauchi, Sokoto and Plateau States while the slowest rises was seen in Edo, Abuja and Kwara States.

Food inflation was seen in Lagos and Oyo States on a MoM basis while Edo, Bayelsa and Enugu States had the slowest rise in food inflation on the same basis.

The current inflation figures may not be unconnected with the COVID-19 pandemic that has scuttled production capacities of countries and has led to reduced importation.