National Bureau of Statistics (NBS) announced on Thursday, May 21, 2020 that Nigeria’s inflation rose for the eight consecutive month.
The current upward rise in inflation started in September 2019 around the time President Buhari closed Nigeria’s land borders allegedly because of the activity of smugglers.
The outbreak of the coronavirus disease that has interrupted economic activities is also believed to have played a part in April’s rise.
According to NBS, The urban inflation rate increased by 13.01% (year-on-year) in April 2020 from 12.93% recorded in March 2020, while the rural inflation rate increased by 11.73% in April 2020 from 11.64% in March 2020.
The statistics office said as measures to curb the spread of the novel coronavirus hindered economic activities and increased costs.
On month-on-month basis, the headline index increased by 1.02% in April 2020, 0.18% higher than the 0.84% recorded the previous month.
The urban index rose by 1.06 percent in April 2020, up by 0.18% from 0.88% recorded in March 2020, while the rural index also rose by 0.98% in April 2020, up by 0.18% from the rate recorded in March 2020 (0.80%).”
Food inflation, which accounts for the bulk of the inflation basket, rose at a much faster pace, to 15.03% in April, compared with 14.98% in March.