Inflation surges to 13.7% in April

The National Bureau of Statistics (NBS), on Monday revealed that the inflationary trend for the month of April had sharply increased, hitting a 13.72 percent high than the March rate of 12.8 percent.

This is the third time this year that the inflation rate in the previous months of February, March and April, are increasing in double digits.

According to the details made available in its latest Consumer Price Index (CPI) report, imported inflation, again recorded the most significant rise of 16.33 percent, as against 15.13 percent in March, just as urban inflation increased by 15.05 percent in April, from 13.48 percent and 2.17 percent from 2.02 percent month-on-month.

Also, rural inflation increased by 12.77 percent from 12.04 percent year-on-year in March, while month-on-month it rose by 2.14 percent.
Core inflation year-on-year stood at 13.35 percent from 12.17 percent in March, while food inflation rose by 13.19 percent year-on-year, as against 12.74 percent in the preceding month, while on a month-on-month basis, it decreased to 1.30 percent, lower than the 2.29 percent recorded in the previous month.

Headline inflation increases on a year-on-year basis and are most noticeable in items such as fish, bread and cereals, vegetables, meat, oil and fats and fruits, while breads and cereals oils and fat, meat, fish, rose faster on a month by month basis.

Core fastest risers year on year were: electricity, cars, liquid fuel, passenger transport by road, vehicle spare parts, furniture and furnishing shoes and other footwear, books and stationery solid fuels and lubricants for personal transport.

The NBS listed month-on-month risers as: electricity, motor cars, liquid fuel, postal services, fuels and lubricants for personal transport, solid fuels, wine, passenger transport by road and vehicle spare parts.

During the period under review, the lowest price of petrol in Lagos was N92.59 per litre, as Nigerians basically depend on the black market sources for the product. In Abuja, the average price per litre was N107; Oyo, N113.65 and Zamfara, N114.54.

The highest prices of petrol were in Imo, N203.48 per litre, Ekiti, N202.78; Osun, N193.85 and Anambra, N193.85.

The average prices of petrol in the month of April were therefore N162.82 according to NBS, compared to N135.69 in March (up 56 percent year-on-year and 20 percent month-on-month).

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