Inflation rises in Nigeria for 8th straight month

Nigeria's inflation rose for the eight consecutive month as the National Bureau of Statistics (NBS) announced on Thursday, May 21, 2020 that the consumer price index increased by 12.34% (year-on-year) in April 2020.

The new increase is 0.08% points higher than the 12.26% recorded in March 2020.

This is the highest Nigeria's inflation has risen since 12.48% was recorded in April 2018.

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 NBS report read, "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.

"On a month-on-month basis, 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%)."

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

The current upward rise in inflation started in September 2019 around the time President Muhammadu 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.