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Business News of Friday, 22 May 2020

Source: MyNigeria

Nigeria's Inflation now stands at 12.34%

For descriptive purpose only For descriptive purpose only

Nigeria's inflation has risen to 12.34% according to the National Bureau of Statistics.

This is according to the latest Consumer Price Index report on its site which measures inflation.

The increase is 0.08% higher than the percentage recorded in March 2020 at 12.26%.

“On a month-on-month basis, the Headline index increased by 1.02 in April 2020. This is 0.18% rate higher than the rate recorded in March 2020 (0.84%).”

The report added that increases were recorded in all COICOP divisions that yielded the Headline index.

NBS said the corresponding 12-month year-on-year average percentage change for the urban index is 12.26% in April 2020. This is higher than 12.15% reported in March 2020, while the corresponding rural inflation rate in April 2020 is 11.20% compared to 11.14% recorded in March 2020.

The report said, “On a month-on-month basis, the urban index rose by 1.06% in April 2020, up by 0.18 from 0.88% recorded in March 2020, while the rural index also rose by 0.98% in April 2020, up by 0.18 from the rate recorded in March 2020 (0.80)%.”

According to the report, the percentage change in the average composite CPI for the 12 months period ending April 2020 over the average of the CPI for the previous 12 months period was 11.71%, showing 0.09% point rise from 11.62% recorded in March 2020.

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