Inflation Hit 13.72% In April | Independent Newspapers Limited
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Inflation Hit 13.72% In April

Posted: May 16, 2016 at 11:39 am   /   by   /   comments (0)

The National Bureau of Statistics (NBS), on Monday morning released inflation data for the month of April, revealing that the headline rate stood at 13.72 per cent year-on-year, 0.4 per cent rise above the 12.77 per cent recorded in the corresponding period of March.

According to details made available, imported inflation again recorded the most significant rise of 16.33 per cent, as against 15.13 per cent in March, just as urban inflation increased by 15.05 per cent in April, from 13.48 per cent and 2.17 per cent from 2.02 per cent month-on-month. Rural inflation also increased by 12.77 per cent from 12.04 per cent year-on-year in March, while month—on-month it rose by 2.14 per cent.

Core inflation year-on-year stood at 13.35 per cent from 12.17 per cent in March. Food inflation rose by 13.19 per cent year-on-year, as against 12.74 per cent in the preceding month, while on a month-on-month basis, it climbed 1.30 per cent, lower than the 2.29 per cent recorded in the previous month.

Headline fastest risers on a year-on-year basis were listed as: fish bread and cereals, vegetables meat oil and fats and fruits, while breads and cereals oils and fat, meat, fish, rose faster on a month by month basis.

Core fastest risers year on year were: electricity, cars, liquid fuel, passenger transport  by road, vehicle spare parts, furniture and furnishing  shoes and other footware books and stationery solid fuels fuels and lubricants for personal transport.

NBS listed month on month risers as: electricity, motor cars, liquid fuel, postal services,fuels and lubricants for personal transport, solid fuels, wine, passenger transport by road, vehicle spare parts

During the period under review, lowest price of petrol in Lagos was N92.59 per liter, as Nigerians basically depended on black market sources for the product. In Abuja, the average price per litre was N107; Oyo, N113.65; and Zamfara, N114.54.

Highest price of petrol were in Imo, N203.48 per litre, Ekiti, N202.78; Osun, N193.85; and Anambra, N193.85.

Average price of petrol in the month of April was therefore N162.82 according to NBS, compared to N135.69 in March( up 56% year on year and 20% m on month).