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ECONOMY: Inflation rises to 11.37% in April, says @nigerianstat

National Bureau of Statistics (NBS) said that inflation rate has increased to 11.37 per cent (year-on-year) in April 2019 as against 11.25 per cent in March.

The bureau, in a statement obtained in its website, said that the increase is 0.12 per cent higher than the rate recorded in March.

It also noted that increases were recorded in all Classification of Individual Consumption by Purpose ( COICOP) divisions that yielded the headline index.

Also, month-on-month basis, the headline index increased by 0.94 per cent in April, 0.15 per cent rate higher than the 0.79 recorded in March 2019.

According to the statement, the percentage change in the average composite Consumer Price Index (CPI) for the twelve months period ending April 2019 over the average of the CPI for the previous twelve months period was 11.31 per cent, showing 0.09 per cent point from 11.40 per cent recorded in March 2019.

“The urban inflation rate increased by 11.70 per cent (year-on-year) in April from 11.54 per cent rin March, while the rural inflation rate increased by 11.08 per cent in April from 10.99 per cent in March.

“On a month-on-month basis, the urban index rose by 1.00 per cent in April, up by 0.19 from 0.81 per cent recorded in March, while the rural index also rose by 0.90 per cent in April, up by 0.13 from the 0.77 per cent recorded in March.

“The corresponding 12-month year-on-year average percentage change for the urban index is 11.69 per cent in April 2019. This is less than 11.78 per cent reported in March 2019, while the corresponding rural inflation rate in April 2019 is 11.00 per cent compared to 11.08 per cent recorded in March 2019” it said.

The post ECONOMY: Inflation rises to 11.37% in April, says @nigerianstat appeared first on Breaking Times.

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