Breaking: Nigeria’s Inflation rate rises to 12.34% in April – NBS

*As food inflation soars to 15.03%

Breaking: Nigeria's Inflation rate rises to 12.34 percent in April - NBS

The National Bureau of Statistics (NBS) on Thursday stated that the consumer price index, (CPI) which measures inflation increased by 0.08 per cent to 12.34 per cent (year-on-year) in April 2020 from 12.26 per cent in March.

The bureau disclosed this in its Consumer Price Index (CPI) Report for April 2020.

inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.

Meanwhile, the statistician agency in the report, said: “The consumer price index, (CPI) which measures inflation increased by 12.34 per cent (year-on-year) in April 2020. This is 0.08 per cent points higher than the rate recorded in March 2020 (12.26 per cent).”

READ ALSO: Nigeria’s inflation surges to 12.26 % in March, highest in 23 months

On food index, it stated: “The composite food index rose by 15.03 per cent in April 2020 compared to 14.98 per cent 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,” the agency added.

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