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Nigerian Inflation Rate Continues to Increase on a Month-On-Month Basis in 2020.

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The Nigerian Inflation Rate Has Continued to Increase on a Month-On-Month Basis in 2020 says the National Bureau of Statistics.

The National Bureau of Statistics (NBS), monthly data report released on Thursday shows that the inflation rate increased by 0.08 percent higher than 12.26 percent rate recorded in March 2020.

The Headline index increased by 1.02 percent in April 2020 on a month-on-month basis. The percentage increase is 0.18 percent higher than the rate recorded in March 2020 (0.84 percent). 

On the other hand, there was a corresponding twelve-month year-on-year average percentage change for the urban index. This is 12.26 percent in April 2020 which is higher than 12.15 percent reported in March 2020.

But then, the corresponding rural inflation rate in April 2020 is 11.20 percent compared to 11.14 percent recorded in March 2020.

In April 2020, the urban index increased by 1.06 percent on a month-on-month basis as against 0.88 percent recorded in March 2020. 

Read Also: Why Nigeria Banks Should Collaborate With Fintech Including Blockchain Powered Fintech to Revive the Economy.

On a month-on-month basis, the rural index also increased by 0.98  percent in April 2020, as against 0.80 percent rate recorded in March 2020.

Also the urban inflation rate rose by 13.01 percent (year-on-year) in April 2020 from as against 12.93 percent recorded in March 2020, while the rural inflation rate rose by 11.73 percent in April 2020 from 11.64 percent recorded in March 2020.

There was a huge rise in the food index caused by increases in prices of Potatoes, Yam and other tubers, Bread and cereals, Fish, Oils and fats, Meat, Fruits and Vegetables.

On a month-on-month basis, the composite food index increased by 15.03 percent in April 2020 compared to 14.98 percent in March 2020.

Most of the increases according to the report were recorded in all COICOP divisions that yielded the Headline index.

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