Nigerian Inflation Index Rises Astronomically by 12.34 Per Cent In April 2020.

The National Bureau of Statistics has said the consumer price index, which measures inflation, increased by 12.34 per cent in April 2020.

The NBS made this known in its report on Consumer Price Index for April 2020 on Thursday.

The new figures represent 0.08 per cent points higher than the rate recorded in March 2020 (12.26 percent).

On a month-on-month basis, the headline index increased by 1.02 per cent in April 2020.

This is 0.18 per cent rate higher than the rate recorded in March 2020 (0.84 per cent).

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 percent, showing 0.09 per cent point rise from 11.62 per cent recorded in March 2020.

The urban inflation rate increased by 13.01 per cent (year-on-year) in April 2020 from 12.93 per cent recorded in March 2020, while the rural inflation rate increased by 11.73 per cent in April 2020 from 11.64 per cent in March 2020.

On a month-on-month basis, the urban index rose by 1.06 per cent in April 2020, up by 0.18 from 0.88 percent recorded in March 2020, while the rural index also rose by 0.98 percent in April 2020, up by 0.18 from the rate recorded in March 2020 (0.80) per cent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 12.26 per cent in April 2020.

This is higher than 12.15 per cent reported in March 2020, while the corresponding rural inflation rate in April 2020 is 11.20 per cent compared to 11.14 per cent recorded in March 2020