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Nigeria’s Inflation Rises 8.7% in April’15, 5th Straight Month of Faster Increase

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By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Nigeria’s inflation has risen 8.7 percent in April 2015 (year-on-year), 0.2 percentage points from the 8.5 percent rate recorded in March, according to the latest report from the National Bureau of Statistics (NBS).

“This is the fifth consecutive month of a faster increase in the Headline index to reach the highest inflation rate recorded for the year. The Headline rate for April also equals the highest rate recorded since July 2013,” the report said.

The NBS reported that the faster pace of the Headline index was as a result of increases in most Classification of Individual Consumption according to Purpose (COICOP) divisions which contribute to the headline index, ”with the exception of slower increases in Recreation and Culture, and Communications Divisions. The faster paces of increases were also observed in the Food and Core sub-indices,” the report affirmed.

According to the report, food prices as observed by the Food Sub-index increased at a marginally faster pace in April; rising by 9.5 percent, up from 9.4 percent in March as a result of increases in most of the groups that yield the index.

The report further affirmed that on a month-on-month basis, the Headline index eased marginally in April, increasing by 0.8 percent; lower from 0.9 percent in March. “Prices increased at a slower pace across most COICOP divisions, with the exception of the Transport and Communications Divisions which increased at a slower pace. Year-on-year, both the Urban and Rural Price Indices recorded marginally higher increases in April,” NBS added.

The nation’s statistics officer says that the percentage change in the average composite Consumer Price Index (CPI) for the twelve-month period ending in April over the average of the CPI for the previous twelve-month period was 8.2 percent, unchanged from rates recorded in March. “The corresponding 12-month year-on-year average percentage change for the Urban and Rural indices held at the same pace as in March at 8.3 percent and 8.1 percent respectively,” the NBS noted.

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