Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate

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Thursday, May 21, 2020  02:05 PM / NBS/ Header Image Credit:  NBS

 

All Item Index

The consumer price index, (CPI) which measures inflation increased by 12.34 percent (year-on-year) in April 2020. This is 0.08 percent points higher than the rate recorded in March 2020 (12.26 percent).


Increases were recorded in all COICOP divisions that yielded the Headline index.

 

On month-on-month basis, the Headline index increased by 1.02 percent in April 2020. This is 0.18 percent rate higher than the rate recorded in March 2020 (0.84 percent).

 

The percentage change in the average composite CPI for the twelve months period ending April 2020 over the average of the CPI for the previous twelve months period was 11.71 percent, showing 0.09 percent point rise from 11.62 percent recorded in March 2020.

 

The urban inflation rate increased by 13.01 percent (year-on-year) in April 2020 from 12.93 percent recorded in March 2020, while the rural inflation rate increased by 11.73 percent in April 2020 from 11.64 percent in March 2020.

 

On a month-on-month basis, the urban index rose by 1.06 percent in April 2020, up by 0.18 from 0.88 percent recorded in March 2020, while the rural index also rose by 0.98  percent in April 2020, up by 0.18 from the rate recorded in March 2020 (0.80) percent.

 

The corresponding twelve-month year-on-year average percentage change for the urban index is 12.26 percent in April 2020. This is higher than 12.15 percent reported in March 2020, while the corresponding rural inflation rate in April 2020 is 11.20 percent compared to 11.14 percent recorded in March 2020. 


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Food Index

The composite food index rose by 15.03 percent in April 2020 compared to 14.98 percent in March 2020.

 

This rise in the food index was caused by increases in prices of Potatoes, Yam and other tubers, Bread and cereals, Fish, Oils and fats, Meat, Fruits and Vegetables.

 

On month-on-month basis, the food sub-index increased by 1.18 percent in April 2020, up by 0.24 percent points from 0.94 percent recorded in March 2020. 

 

The average annual rate of change of the Food sub-index for the twelve-month period ending April 2020 over the previous twelve-month average was 14.22  percent, 0.11  percent points from the average annual rate of change recorded in March 2020 (14.11) percent.

 

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All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.98 percent in April 2020, up by 0.25 percent when compared with 9.73 percent recorded in March 2020.

 

On month-on-month basis, the core sub-index increased by 0.93 percent in April 2020. This was up by 0.13 percent when compared with 0.80 percent recorded in March 2020.

 

The highest increases were recorded in prices of Bicycles, Passenger transport by road, Passenger transport by sea and inland waterways, Paramedical services, Hospital services, pharmaceutical products, Medical services, Motor cycles and  Major household appliances whether electric or not.

 

The average 12-month annual rate of change of the index was 9.17 percent for the twelve-month period ending April 2020. This is 0.06 percent points higher than 9.11 percent recorded in March 2020.

 

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.  

 

All Items Inflation

In April 2020, all items inflation on year on year basis was highest in Bauchi  (14.44%), Sokoto (13.99%) and Plateau (13.68%), while Edo (10.87%), Abuja (10.81%) and Kwara (8.98%) recorded the slowest rise in headline Year on Year inflation.

 

On month on month basis however, April 2020 all items inflation was highest in Akwa Ibom (2.01%), Oyo (1.91%) and Abia (1.81%), while Edo, Enugu and Bayelsa  recorded price deflation or negative inflation (general decrease in the general price level or negative inflation rate).

 

Food Inflation

In April 2020, food inflation on a year on year basis was highest in Sokoto (17.88%), Akwa Ibom (17.55%) and Abuja (17.65%), while Ebonyi (13.04%), Edo  (12.90%) and Enugu (12.89%) recorded the slowest rise.

On month on month basis however, April 2020 food inflation was highest in Akwa Ibom (2.65%), Lagos (2.49%) and Oyo (2.33%), while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).


Click Here to Download April 2020 CPI PDF Report


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Latest 2020 NBS Reports

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Q2 2020

  1. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  2. N338.94bn Generated As VAT in Q1 2020 - NBS
  3. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  4. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  5. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  6. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  7. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  8. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  9. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  10. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  11. FAAC Disburses N647.35bn in February 2020 - NBS

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Q1 2020

  1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
  2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
  3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods
  4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
  7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  8. FAAC Disburses N716.30bn in January 2020 - NBS
  9. FAAC Disburses N2.93trn to FG in 2019 - NBS
  10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  11. FAAC Disburses N650.83bn in December 2019 - NBS
  12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
  13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
  14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
  16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
  17. N293.80bn Generated as IGR in Q3 2019 - NBS
  18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
  19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
  20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
  21. All Commodity Group Index Grew By 2.48% in Q3 2019
  22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
  23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate

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