inflation

Nigeria’s inflation rose to 12.34 percent year on year in April, according to data released Thursday by the National Bureau of Statistics (NBS).

The consumer price index, which measures the inflation rate in the country, was 0.08 percentage point higher compared to the 12.26 percent recorded in March.

On a month-on-month basis, the headline index increased by 1.02 percent in April, and this was 0.18 percentage point higher than the rate recorded in March, which was 0.84 percent.

The composite food index rose by 15.03 percent in April, compared to 14.98 percent in March, according to the NBS.

The report said that the rise in the food index was caused by increases in the prices of potato, yam, and other tubers, as well as bread and cereal, fish, oil and fat, meat, fruit, and vegetable. Enditem

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