Nigeria: NBS records inflation on the economy by 0.08 percent

Nigeria's National Bureau of Statistics (NBS) has released a report on Thursday that the inflation on the economy has increased by 0.08 percent points higher than 12.26 percent rate recorded in March 2020, according to a news report by Vanguard.

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

April 2020 CPI/Inflation report @ https://t.co/rfdVphsJdb. RURAL/URBAN YEAR ON YEAR: Urban (13.01% from 12.93%); Rural (11.73% from 11.64%); RURAL/URBAN MONTH ON MONTH: Urban(1.06% from 0.88%); Rural (0.98% from 0.80%) pic.twitter.com/SyYSZohAFX

— Dr Yemi Kale (@sgyemikale) May 21, 2020

The increases according to the report were recorded in all COICOP divisions that yielded the Headline index.

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 which was 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.

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 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.

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.