Nigeria Inflation Rate rose for 8th month in April on higher food prices

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Nigeria Inflation Rate rose for 8th month in April on higher food pricesNigeria Inflation Rate rose for 8th month in April on higher food prices

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

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.02 percent in April 2020. This is 0.18 percent rate higher than the rate recorded in March 2020 (0.84 percent).

The percentage change in the average composite CPI for the twelve months period ending April 2020 over the average of the CPI for the previous twelve months period was 11.71 percent, showing 0.09 percent point rise from 11.62 percent recorded in March 2020.

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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.

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

The corresponding twelve-month year-on-year average percentage change for the urban index is 12.26 percent in April 2020. This is higher than 12.15 percent reported in March 2020, while the corresponding rural inflation rate in April 2020 is 11.20 percent compared to 11.14 percent recorded in March 2020.

Food Index

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The composite food index rose by 15.03 percent in April 2020 compared to 14.98 percent in March 2020.

This rise in the food index was caused by increases in prices of Potatoes, Yam and other tubers, Bread and cereals, Fish, Oils and fats, Meat, Fruits and Vegetables.

On a month-on-month basis, the food sub-index increased by 1.18 percent in April 2020, up by 0.24 percent points from 0.94 percent recorded in March 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending April 2020 over the previous twelve-month average was 14.22  percent, 0.11  percent points from the average annual rate of change recorded in March 2020 (14.11) percent.

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All Items Less Farm Produce

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.98 percent in April 2020, up by 0.25 percent when compared with 9.73 percent recorded in March 2020.

On a month-on-month basis, the core sub-index increased by 0.93 percent in April 2020. This was up by 0.13 percent when compared with 0.80 percent recorded in March 2020.

The highest increases were recorded in prices of Bicycles, 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 electric or not.

The average 12-month annual rate of change of the index was 9.17 percent for the twelve-month period ending April 2020. This is 0.06 percent points higher than 9.11 percent recorded in March 2020.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

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All Items Inflation

In April 2020, all items inflation on year on year basis was highest in Bauchi  (14.44%), Sokoto (13.99%) and Plateau (13.68%), while Edo (10.87%), Abuja (10.81%) and Kwara (8.98%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, April 2020 all items inflation was highest in Akwa Ibom (2.01%), Oyo (1.91%) and Abia (1.81%), while Edo, Enugu and Bayelsa recorded price deflation or negative inflation (general decrease in the general price level or negative inflation rate).

Food Inflation

In April 2020, food inflation on a year on year basis was highest in Sokoto (17.88%), Akwa Ibom (17.55%) and Abuja (17.65%), while Ebonyi (13.04%), Edo  (12.90%) and Enugu (12.89%) recorded the slowest rise.

On month on month basis, however, April 2020 food inflation was highest in Akwa Ibom (2.65%), Lagos (2.49%) and Oyo (2.33%), while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

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Nigeria Inflation Rate rose for 8th month in April on higher food pricesNigeria Inflation Rate rose for 8th month in April on higher food prices

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Nigeria Inflation Rate rose for 8th month in April on higher food pricesNigeria Inflation Rate rose for 8th month in April on higher food prices

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