Nigeria Inflation Rate Up to 9.1% in April


In April of 2013, the inflation rate rose by 9.1 percent year-on-year, compared to 8.6 percent in March. This is the fourth consecutive month of single digit year-on-year rates being recorded.

Relative to March, the rise in the annual headline index could be primarily attributed to higher price levels of food products due to the effect of declining inventories. At this time in the planting season, what is sold are food products which were harvested late last year and the limited supplies of these farm with a relatively stable demand, pushes prices higher.
On a month-over-month basis, the inflation rate increased by 0.55 percent from index levels recorded in March.

The Urban composite CPI was recorded at 143.7 in April, indicating a 9.7 per cent year-on-year change. This was higher than the 9.3 per cent recorded in March. The corresponding Rural National CPI recorded an 8.9 per cent year-on-year change, up from 8.1 per cent in March. 
 
In April, the composite Food Index increased year-on-year by 10 percent. This was 0.5 percentage points higher than the 9.5 percent recorded in March.
On a month-on-month basis, the Food index increased by 0.6 percent between March and April. As in March, food prices were higher across all classes in the food sub-index. According to their contribution, the largest contributors to the increase in the food index were bread and cereals, potatoes, yams and other tubers, and vegetables. The average annual rate of rise of the food index for the twelve-month period ending April 2013 was 10.8 percent when compared with the same period in 2012. This was lower by 0.2 percentage points from the 11.0 per cent recorded in March.
 
In April, the Core index, which excludes the prices of volatile agricultural products (but includes “processed foods”) increased by 6.9 percent year-on-year. This was lower than 7.2 percent recorded in March. On a month-on-month basis, the Core index slowed by 0.2 percent from March to April 2013, as classes of the core index witnessed muted increases coupled with the relative stability in prices of processed foods, pulling the overall core sub-index. The core index has increased generally at a decreasing rate since 2013 which, in addition to base effects, has contributed to slower rises in inflation. 

 


National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
5/16/2013 4:00:52 PM