Nigeria Inflation Rate Hits 12.34% In April 2020

The consumer price index, (CPI) which measures inflation increased by 12.34% (year-on-year) in April 2020.

This 0.08% higher than the rate of 12.26% recorded in March 2020.

According to the National Bureau of Statistics (NBS), 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 report added that increases were recorded in all COICOP divisions that yielded the Headline index.

NBS said the corresponding 12-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.