Nigeria inflation rose for eighth month in April on higher food prices

By Steve Mogbo   1 week ago   242
General - Top Stories

 Annual inflation in Nigeria rose for the eighth straight month in April, lifted by higher food prices, the statistics office said on Thursday, as measures to curb the spread of the novel coronavirus hindered economic activities and increased costs.

Inflation, a measure of living costs, climbed to 12.34% in April, its highest level in more than two years, from 12.26% the previous month, the National Bureau of Statistics said.

Food inflation, which accounts for the bulk of the inflation basket, rose at a much faster pace, to 15.03% in April, compared with 14.98% in March.

The statistics office attributed the rise in the food index to increases in the prices of potatoes, yams and other tubers, bread and cereals, fish, oils, fruits and vegetables. Food inflation has been in double digits for more than three years.

On Monday, the government said it would impose targeted lockdown measures in areas that report rapid increases in coronavirus cases, and that a phased reopening of the economy would go ahead more slowly than planned.

The measures have created bottlenecks for food and other deliveries, in a country where investment is needed in transport infrastructure.

So far, Nigeria has 6,677 confirmed coronavirus cases and 200 deaths.

The inflation data comes ahead of next week's interest-rate meeting where the central bank will weigh inflationary risks and a weaker currency against an economy projected to shrink this year due to the oil price crash caused by the pandemic.

The naira has hit a series of lows on the black market, widening the gap with the official and over-the-counter spot markets, especially after dollar sales were suspended due to a coronavirus lockdown in April and a 15% devaluation in March.

[NewsNaira]


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The food price should come down oooooo


(Quote) (Likes: 2)
Linus Utsalo
1 week ago

High food prize again???


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Very good news oo


(Quote) (Likes: 1)

Please bring it down everyone managing


(Quote) (Likes: 1)

It should come down o


(Quote) (Likes: 1)
Ephraim Idogho
1 week ago

Let it ride oooo useless


(Quote) (Likes: 1)

It's only God oo


(Quote) (Likes: 1)
Adebayo Victor
1 week ago

What is the government doing about this


(Quote) (Likes: 1)
Young Anyanwu
1 week ago
recession is very near io
(Quote) (Likes: 1)
Emmanuel Jille
1 week ago

Covid 19 has affected the economy


(Quote) (Likes: 1)
Oyaboade Taiwo
1 week ago

April fool


(Quote) (Likes: 1)

So interesting concept


(Quote) (Likes: 1)
Nneoma Aniuche
1 week ago

This foood priceeeeee


(Quote) (Likes: 1)
Sherif Olaiya
1 week ago

Hunger no go kill us sha


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Onyeka Stephen
1 week ago

Good news heard 


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Hussaina Adamu
1 week ago

That is 9ja for you


(Quote) (Likes)
Onyeka Stephen
1 week ago

Wonderful news


(Quote) (Likes)

Fantabulous concept


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Ledum Timothy
1 week ago

Wow so fascinating oooo


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This is serious 


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