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Inflation in April rises to 12.9%

15 May 2012, 12:44

Lagos - Nigeria's inflation rate rose to 12.9 percent in April, year on year, from 12.1 percent in March, data from the National Bureau of Statistics showed on Tuesday.

Food inflation, the largest component of the index, fell slightly to 11.2 percent, compared with 11.8 percent in March.

The change in the overall index was largely because inflation in the month of April 2011 had been so subdued.

"The higher year-on-year change could be partly attributable to base effects as the index was relatively more stable in April of 2011 ... lower price levels in April 2011 will reflect higher year-on-year percentage changes in April of 2012," the statistics bureau said.

Inflation was worse in urban areas last month, registering a 13.4 percent rise, compared with 12.4 percent in rural areas.

The central bank has warned that inflationary pressures are too strong, hinting that it is likely to keep monetary policy tight this year.

The bank held rates at 12 percent last month, and governor Lamido Sanusi noted a "resurgence of inflationary pressures", though he praised the government for efforts to introduce fiscal discipline into its 2012 budget.

Core inflation, stripping out volatile agricultural produce, rose by much more than the headline rate, by 14.7 percent year on year, the statistics bureau said.

- Reuters


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