Inflation skyrockets to 13.7%

0
211

In an unprecedented fashion, inflation in April ballooned to 13.7 percent, from the 12.8 percent recorded in March, indicating a strong increase for the third consecutive month.
Data released by the National Bureau of Statistics, NBS, in Abuja yesterday attributed the higher rate of increase relative to March, to a reflection “in faster increases across all divisions which contribute to the index with the exception of the Restaurants and Hotels division which increased, albeit at a slower pace for the third consecutive month”.
The NBS said “lingering structural constraints continue to manifest spill overs in April 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.
“These items as well as other imported items continued to have ripple effects across many divisions that contribute to the Core. The index increased by 13.4% in March, roughly 1.2% points from rates recorded in March.”
It noted that in “April, the Consumer Price Index, CPI, which measures inflation recorded a relatively strong increase for the third consecutive month. The Headline index increased by 13.7% (year-on-year), roughly 0.9% points higher from rates recorded in March (12.8%).
“The Food index reflected tighter supplies across most groups that contribute to the sub index. The sub index increased by 13.2% in April, up by 0.4% points from rates recorded in March as all major food groups which contribute to the Food sub index increased at a faster pace driven by higher food prices in Fish, Bread and Cereals, and Vegetables groups.
“Month-on-month, while the Headline Index increased in April, the index slowed for the second consecutive month. The index increased by 1.6%, in April, 0.6% points from rates recorded in March. All divisions which contribute to the index increased at a slower pace, during the month …Read More

Source:: Nigerian Pilot