Post Views: 273 After months of gradual but steady decline, Nigeria’s Consumer Price Index climbed to 11.37% at the end of April, according to data re...
After months of gradual but steady decline, Nigeria’s Consumer Price Index climbed to 11.37% at the end of April, according to data released by the National Bureau of Statistics (NBS), Wednesday morning.
Headline inflation figures for the period rose by 0.79% year-on-year and 0.94% month-on-month respectively, from 11.25% in March 2019, on the jump in food inflation from 13.45% in March to 13.70%, a situation that was mitigated by the drop in Core inflation to 9.3%, from 9.5% in the previous month.
On a month-on-month basis, the headline index growth was the highest since September 2018, according to analysts at Cordros Capital Ltd in a note to clients on Wednesday morning.
The average composite COI for the 12 months ending April 2019, over that of previous month, the NBS noted, stood at 11.31%, down from 11.4% in March; just as urban inflation rate notched by 11.7% YoY, from 11.54% in prior month; while rural inflation inched by 11.08% from 10.99%.
On a MoM basis, urban inflation rose 0.19% higher at 1%, from 0.81% in the preceding month; with rural inflation at 0.9% from 0.77% in March, representing an increase of 0.13%.
On average, over the 12-month YoY, urban inflation stood at 11.69%, down from 11.78% in March; just as rural inflation dropped from 11.08% to 11.0%
Food inflation was boosted by the rise in the prices of meat, fish, oils and fats, bread and cereals, fish, milk, cheese and eggs, potatoes, yam and other tubers, fruits, and vegetables.
The average annual rate of change of the food sub-index for the 12-month ending Apri 2019 was 13.34%, down from 11.42%.
Core inflation, otherwise known as the “all items less farm produce,” stood at 9.3%, down from 9.5% in March 2019.
The highest increases were recorded in the prices of medical and dental services, hospital services, rent for housing, cleaning, repair, and hire of clothing, tobacco, vehicle spare parts, and major household appliances.
Month-on-Month, the core index decreased by 0.70%, 17 bps higher than 0.53% reported in February.
On a state-by-state basis, headline inflation was at its peak in Kebbi at 14.82%; followed by Bauchi’s 14.42%; and Zamfara, 13.99%, which may not be unrelated to the sporadic attacks on villages and communities by herdsmen, cattle rustlers, and armed bandits.
The slowest YoY growth was recorded in Cross River, 9.48%; Delta, 9.94% and Abia, 10.12%.
MoM, growth was at its height in Bauchi at 2.1%; Kebbi, 1.88% and Ogun, 1.63%; while the slowest growth of 0.18% was recorded in Kogi; ahead of 0.28% in Rivers; and Plateau, 0.35%.
For the month, food inflation was highest in Kaduna, another state that recorded attacks on communities and villages by herdsmen within the period. Kaduna recorded 16.77%; slightly above the 16.75% by Kebbi, also in the northwest zone; and 16.34% in Kwara; just as it grew slowest in Kogi, at 10.49%; Bayelsa, 11.25%; and neighbouring Rivers, 12.01%.
MoM, growth in food inflation was highest in Edo at 2.55%; Kebbi, 2.34% and Ogun, 2.28%; at a time Abuja and Kogi recorded negative growth or a price deflation (general decrease in the general price level of goods and services or negative inflation rate), while Rivers recorded no change.