The rate at which prices of goods and services continued to rise for the eight consecutive month amidst the Covid-19 pandemic and the lockdown in Lagos, Abuja and Ogun States last month, as Consumer Price Index which measures inflation rose to 12.34 per cent in Apr 2020.
Latest data released by the National Bureau of Statistics (NBS) yesterday showed that inflation had risen by 0.08 percent points higher than the 12.26 per cent rate recorded in March 2020, making the April inflation figure the highest in 24 months.
On month-on-month basis, the headline index increased by 1.02 percent in April 2020, 0.18 percent rate higher than 0.84 per cent recorded in March 2020
Food inflation rose to 15.03 per cent year on year in the review period, attributable to the frontloading of major food items, that preceded the lockdown imposed in FCT, Lagos and Ogun states. According to the National Bureau of Statistics (NBS), the rise was caused by increases in prices of Potatoes, Yam and other tubers, Bread and cereals, Fish, Oils and fats, Meat, Fruits and Vegetables. Compared to March 2020, food inflation expanded by 24bps, to 1.18 per cent month on month.
Core inflation (All items less farm produce) which excludes the prices of volatile agricultural produce stood at 9.98 per cent in April 2020, a 0.25 per cent increase when compared to 9.73 per cent recorded in March 2020. On month-on-month basis, the core sub-index increased by 0.93 per cent in April 2020, up by 0.13 per cent when compared with 0.8 per cent recorded in the previous month.
The highest increases according to the report, were recorded in prices of Bicycle, passenger transport by road, passenger transport by sea and inland waterways, paramedical services, Hospital services, pharmaceutical products, Medical services, Motorcycles, and Major household appliances whether electronic or not. On a month-on-month basis, the core index was up by 13bps 0.93
Bauchi state recorded the highest year-on-year inflation rate of 14.44% followed by Rivers state with 14.16% and Sokoto state, which recorded 13.99% inflation rate. Meanwhile the states with the slowest rise in inflation rate were Kwara (8.98%), Abuja (10.8%), and Edo state with 10.87%.
Sokoto state also recorded the highest year-on-year food inflation rate, followed by Abuja with 17.65% and Akwa Ibom, which recorded 17.55%. On the other hand, Enugu state recorded the slowest rise in food inflation, having recorded 12.89% increase, followed by Edo state with 12.9% and Ebonyi state with 13.04%.