Inflation rate up marginally to 7.9% in April

The National Bureau of Statistics (NBS) on Thursday said Nigeria’s inflation rate stood at 7.9% in April.

The figure, released in Abuja by the Statistician-General of the Federation, Dr Yemi Kale, is 0.1% higher than the 7.8% recorded in March.

The rise was attributed to the Consumer Price Index (CPI), which measures inflation, as the CPI rose by 7.9% in April 2014 stating that the increase was a result of higher prices in the bread and cereals, meat, fish, dairy, oils and fats, and fruits classes.

“This was also as a result of higher increases in classes belonging to housing, water, electricity, gas and other fuel; alcoholic beverages, tobacco and kola; and restaurants and hotels divisions, among others,” he said.

He however noted that prices in the food sub-index were weighed down by relatively slower increases in the vegetables, potatoes; yams and other tubers, as well as sugar, jam, honey, chocolate and confectionery classes.

“On a monthly basis, prices weakened in April after an up-tick in March. Prices increased by 0.62% in April, lower than rates recorded in March by roughly 0.2 percentage points. Food prices also moved in the same pattern, easing in April, while monthly core prices firmed at 0.4 per cent over the previous two months.” he disclosed.

Kale also stated that the urban all-items index eased by 0.2 percentage points to 0.6% in April while the rural all Items index also eased at the same pace of 0.2 percentage points from 0.81% in March to 0.59 in April.

This was a slight up-tick than 7.8% recorded in March on the back of higher food prices as well as divisions which contribute to the Core sub-index.