Nigeria’s Inflation rate Rises Higher than Expected in April

• Nigeria’s Inflation rate Rises Higher than Expected in April

Nigeria’s consumer prices rose higher than expected in April, making it the first time prices will increase than the preceding month in 2019.

Consumer Price Index, which measures inflation rate, increased by 11.37 percent year-on-year in April. This is 0.12 percent higher than the 11.25 percent recorded in March and the 11.23 percent projected by analysts at FSDH Merchant Bank.

Prices of goods and services have been moderating since reaching 11.44 percent in December 2018, however, prices tick slightly higher in April largely due to the uncertainty surrounding economic policy and weak business sentiment across key sectors.

On a monthly basis, the headline index increased by 0.9 percent in the month, again 0.15 percent higher than 0.79 percent filed in March 2019.

Food Sub-index remained high at 13.34 percent, slightly above the 13.42 percent recorded in March 2019.

The increase in the food gauge was caused by the high prices of Meat, Fish, oils and fats, Bread and cereals, Fish, Milk, Cheese and egg, Potatoes, Yam and other tubers, Fruits and Vegetables.

Prices remain stubbornly high despite efforts by the Central Bank of Nigeria (CBN) to curb escalating costs through forex intervention.