Economy: ‘Inflation rate increased in April by 12.34%’ – National Bureau of Statistics reveals

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Factual Pursuit of Truth for Progress

By Francis Ogwo

The National Bureau of Statistics (NBS) has disclosed an increase by 12.34% (year on year) in consumer price index, the variable used in measuring inflation, in the month of April.

This was contained in its report on Consumer Price Index (CPI) for April, which was made public on Thursday.

This is about 0.08% point higher than the figure for March, which was recorded at 12.26% and with recorded increases in all COICOP divisions that yielded the headline index.

The headline index increased by 1.02% in April 2020 on a month-on-month basis, which also is 0.18% rate higher than 0.84% recorded in March 2020.

For the twelve-month period ending April 2020, the percentage change in the average composite CPI for the 12 months period over the average of the CPI for the previous 12 months period was 11.71%, which showed 0.09% point rise from 11.62% earlier recorded in March 2020.

There was also a 13.01% (year-on-year) increase in the urban inflation rate in April 2020 from 12.93% in March 2020, with the rural inflation rate increasing by 11.73% in April 2020 from its March 2020 figure of 11.64%.

The urban index rose by 1.06% on a month-on-month basis in April 2020, up by 0.18 from 0.88% recorded in March 2020.

This also saw the rural index also rising by 0.98% in April 2020, up by 0.18 from the rate recorded in March 2020 (0.80).

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

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