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Inflation hits record high 13.7%

17 May 2016, 11:41

Lagos - The country’s Consumer Price Index (CPI) for April showed that prices of goods and services surged for the third consecutive month to 13.7 per cent just as food price index soared to 13.2 per cent from March.

Latest report by the National Bureau of Statistics (NBS) made available to News24, said on Monday that headline index (year-on-year) increased by roughly 0.9 per cent points from 12.8 per cent rates recorded in March, while food sub-index jumped by 0.4 per cent points from rates recorded in March.

The bureau said the higher rate of increase relative to the previous month reflected in faster increases across all divisions, except the restaurants and hotels division, which rose at a slower pace for the third consecutive month.

The rise in inflation in April followed the lingering structural constraints associated with higher electricity rates, household kerosene prices, the negative impact of higher premium motor spirit, popularly called petrol, prices and vehicle spare parts.

Also read: Nigeria's inflation reaches near four-year-high

According to the report, the CPI, which has measured inflation in April, recorded a relatively strong increase for the third consecutive month.

It said: “The Headline Index increased by 13.7 per cent (year-on-year), roughly 0.9 per cent points higher than the rates recorded in March (12.8 per cent).

“The higher rate of increase relative to March reflected in faster increases across all divisions which contribute to the index with the exception of the Restaurants and Hotels Division.

“It contributed to the index with the exception of the restaurant and hotels division which increased, albeit at a slower pace for the third consecutive month.

“Lingering structural constraints continue to manifest spillovers in April.

“It continues to manifest as electricity rates, kerosene prices, the impact of higher PMS prices and vehicle spare parts were the largest contributors to the Core Sub Index during the month.”

The report said those items as well as other imported ones continued to have ripple effects across many divisions that contribute to the core.
According to the statement, the food index has reflected tighter supplies across most groups that contribute to the sub-index.

- News 24


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