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Inflation Rate Drops to 13.3% in April, Says NBS

Category: Nigeria Economy


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Inflation Rate Drops to 13.3% in April, Says NBS

 

The composite consumer price index (CPI), which is the measure of inflation rate (year-on-year) was 13.3 per cent at the end of April, lower than the previous month’s rate of 14.4 per cent, said the National Bureau of Statistics (NBS).

Inflation rate is the rate of upward movement in the average level of prices.
In the period under review, NBS revealed that, Food prices rose by 0.7 per cent while the “All Items Less Farm Produce” prices went up by 0.6 per cent.

The Urban All items index also rose by 0.5 percent while the corresponding Rural index increased by 0.6 per cent over the period when compared with their preceding months.

On the year-on-year basis, average Consumer Price level as at April, 2009 for urban and rural dwellers rose by 8.6 and 15.7 per cent respectively.

According to the Bureau, the percentage change in the average composite CPI for the 12-month period ending April 2009 over the average of the CPI for the previous twelve-month period was 13.5.

This was higher than what was recorded by making similar comparison in March 2009. The corresponding urban and rural indices rose by 11.3 and 14.6 percent respectively.

For the food index, the Bureau explained that, the rise in the index was caused by increase in the prices of staple foods such as yam, meat, vegetables and potatoes.

“The level of the composite food index was higher than the corresponding level a year ago by 15.3 per cent. The average annual rate of rise of the index was 17.9 per cent for the 12-month period ending March 2009,” it added.

Similarly, NBS noted that the “All Items Less Farm Produce” index which excludes the prices of agricultural produce rose in April due to increase in the prices of household goods, transport-ation, newsprints, education materials and services.

The Bureau also disclosed that, in the twelve-month to April 2009, the index rose by 10.9 per cent while the average annual rateof rise of the index was 7.3 per cent for the 12-month period ending April 2009.
 

(Source:ThisDay)



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