The consumer price index, which measures the rate of inflation in Nigeria, increased by 12.34 per cent in April 2020.
According to the Consumer Price Index April 2020 report released by the National Bureau of Statistics on Thursday, the rise in inflation represents 0.08 per cent points higher than the rate recorded in March 2020.The 12.34 per cent April 2020 inflation rate is the highest to be recorded by the economy in the last two years.
The percentage change in the average composite CPI for the 12-month period ending April 2020 over the average of the CPI for the previous 12-month period was 11.71 per cent, showing 0.09 per cent point rise from 11.62 per cent recorded in March 2020. The corresponding 12-month year-on-year average percentage change for the urban index was 12.26 per cent in April 2020.
He gave some of the structural factors to include border protection policy, disruptions and challenges around food production belts, and pass-through effect from the recent increase in Value Added Tax.
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