By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s headline inflation climbed for the fourth successive month in 2016, (but sixth in a row) to hit 13.7 percent in April (highest since December 2010) up from 12.8 percent in March, according to the latest reports from the National Bureau of Statistics (NBS).

The report says both Food and Core inflation accelerated at a faster pace, increasing by 0.4 percent and 1.6 percent each from the previous month to hit 13.2 percent and 13.4 percent.

According to the NBS, on a Month-on-Month (m/m) basis, the Consumer Price Index (CPI) increased by 1.6 percent in April, 0.6 percent points from rates recorded in March.

NBS says, all divisions which contribute to the index increased at a slower pace during the month, with the exception of the Housing Water, Electricity, Gas & Other Fuel division.

Inflation has added 4.1 percent in 2016 so far and may rise even further, amidst a host of structural factors (hike in electricity tariffs, forex, and petroleum shortages) which have made monetary efforts to combat rising tide ineffective.

The nation’s statistics office affirmed that the percentage change in the average composite CPI for the twelvemonth period ending in April 2016 over the average of the CPI for the previous twelve-month period was 10.2 percent, higher from 9.8 percent recorded in February. The corresponding twelvemonth year-on-year average percentage change for the Urban index increased from 9.9 percent in March to 10.5 percent in March, while the corresponding Rural index also increased from 9.6 percent in March to 9.9 percent in April.

Cordros affirmed that this month’s increase makes next week’s keenly awaited MPC meeting interesting as the committee is expected to make decisions on its (1) exchange rate policy and (2) whether it will remain committed to its recent change of course to monetary tightening direction.

Follow link to download Consumer Price Index (CPI) April 2016-NBS