NIGERIAN INFLATION RATE 12.48% APRIL, SAYS BUREAU OF STATISTICS

Once again, according to latest composite price index (CPI) released by the National Bureau of Statistics (NBS), inflation rate in Nigeria eased further for the 15th month to 12.48% in April 2018 compared to 13.34% in March.

But it will be a long while yet before Nigerians begin to feel the impact of the monthly slide at their breakfast or dinner table.

This is because, the key items still driving the CPI upwards were food and processed derivatives.

The food inflation in the same month was 14.8% and was driven by higher prices recorded in tubers, particularly potatoes and yam, fish, bread, cereals, vegetables, meat and milk.

Indeed, of the items that make up the CPI basket, food and food related ones dominated sectors with top prices when compared to base period November 2009.

From the figures, food items prices were at least 2.7 times their levels way back in November 2009 as the highest priced items in the basket. 

At the same time imported food prices were 2.6 times the base prices just like prices of electricity, housing water, gas and other fuel. Compared to these, the April figure for all items  composite basket was 2.54 times base period prices.

The lowest priced items were communication (1.44 times base period), Recreation and culture (1.86 times) anRestaurant and hotels 1.95 times base period prices.

In terms of inflation across the country, Kwara state by April had highest average all items prices, says the NBS. Indeed, it was the only state with index that reflected 3.19 times base period prices.

Next to it was Ogun state (2.73 times); Bauchi (2.68 times) Kogi (2.67 times) and Oyo 2.66 times November 2009 prices.

The lowest were Ekiti and Imo states with index that showed 2.38 times base period prices, Enugu (2.44 times) and Taraba state (2.46 times).

But in terms of inflation rate in April, Kebbi topped with 15.94% followed by Rivers with 15.01% and Kogi with 14.93%.

On the other hand, the lowest growth rates were 9.77% in Kwara state, 10.46% in Delta state and 11.19% in Benue state.

In March Alcoholic beverages and Tobacco finally crossed the 2 times mark ending the Month  with 201.3 and this rose slightly to 202.8 in April.


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