The National Bureau of Statistics on Thursday said Nigeria’s inflation rate stood at 7.9 per cent in April.
The figure is 0.1 per cent higher than the 7.8 per cent recorded in March.
The figure was released in Abuja by the Statistician-General of the Federation, Dr. Yemi Kale.
The statement said in April 2014, the Consumer Price Index, which measures inflation, rose by 7.9 per cent (year-on-year).
It said this was a slight up-tick than 7.8 per cent recorded in March on the back of higher food prices as well as divisions, which contribute to the Core sub-index.
It stated that the increase was a result of higher prices in the bread and cereals, meat, fish, dairy, oils and fats and fruits classes.
“This was also as a result of higher increases in classes belonging to housing, water, electricity, gas and other fuel; alcoholic beverages, tobacco and kola; and restaurants and hotels divisions, among others,” the statement said.
The statement noted that prices in the food sub-index were however weighed down by relatively slower increases in the vegetables, potatoes, yams and other tubers, as well as sugar, jam, honey, chocolate and confectionery classes.
It said: “On a monthly basis, prices weakened in April after an up-tick in March. Prices increased by 0.62 per cent in April, lower than rates recorded in March by roughly 0.2 percentage points.
“Food prices also moved in the same pattern, easing in April, while monthly core prices firmed at 0.4 per cent over the previous two months.”
It stated that the urban all-items index eased by 0.2 percentage points to 0.6 per cent in April, while the rural all Items index also eased at the same pace of 0.2 percentage points from 0.81 per cent in March to 0.59 in April.
Trending
- Flights diverted as fire breaks out at Lagos International Airport
- 118 inmates escape as Suleja custodial centre fence collapses
- How FRSC reduced Road Traffic Crashes by 42% – Corps Marshal
- FCCPC uncovers prices in Yen as it grills Chinese supermarket owners + Photos
- Reporters detained for airing music, taking calls from girls
- German police arrest 11 Nigerians laundering money made from dating scam
- Fernandes digs Man U out of hole in win over Sheff United
- Akintoye to Afenifere: Yoruba wants self-determination, not restructuring