TheNigerianVoice Online Radio Center

Inflation rate rises by 7.9% in April - NBS

By The Citizen
Listen to article

The nation's Composite Price Index, CPI, which measures the average change in price level or inflation rate rose by 7.9 per cent year-on-year in April, rising marginally from the 7.8 per cent recorded in the previous month.

According to the National Bureau of Statistics (NBS), the marginal rise in the price level on year-on-year rates the month was attributed to higher food prices which continued to be relatively stable year on year, moving in a 0.2 percentage point band between 9.2 percent and 9.4 percent over the last eight months; and divisions which contribute to the core sub-index.

The NBS report indicated that in the month under review, food prices rose slightly by 9.4 percent year on year, as a result of higher prices in the bread and cereals, meat, fish, dairy, oils and fats, and fruits classes.

It added that prices in the food sub-index were however weighed down by relatively slower increases in the Vegetables, Potatoes, and Yams and other tubers; and Sugar, jam, honey, chocolate and confectionery classes.

The agency pointed out further that the relatively slower growth in the afore-mentioned classes has been observed over the last there months, after moving at a slower pace in March, prices measured by the Core sub-index increased at a faster rate in April.

The report stated: 'Prices rose by 7.5 percent year-on-year, 0.7 percentage points higher than the year-on-year rate recorded in March (6.8 per cent). This was as a result of higher increases in classes belonging to the housing water, electricity, gas and other fuel; alcoholic beverages, tobacco and kola; and restaurants and hotels divisions amongst others.

The NBS stated further that that Urban prices also increased at the same rate in April relative to March, increasing by 7.9 percent (year-on- year) while the pace of increase in rural prices continued to weaken as prices increased at a slower rate for the fourth month consecutively.

Specifically, in April, prices rose by 7.5 per cent year-on-year, marginally lower than price increase recorded in March by 0.1 percentage points.

On the Food Index, the Bureau reported that food prices appreciated for the second consecutive month in April, increasing increased by 9.4 percent, marginally higher by 0.1 percentage points from rates recorded in the preceding month. This is the highest year-on-year rate recorded since September, 2013.

A breakdown of the increase on a month-on-month basis, indicated that food prices eased in April, increasing by 0.8 percent, lower from rates recorded in March with highest price increases recorded in the Bread and cereals; Meat, Fish, and dairy classes. - National Mirror.