Nigeria’s consumer inflation rose to 8.7 percent year-on-year in April, up 0.2 percentage points from March, marking the highest rate since July 2013, the National Bureau Statistics, NBS said.
Nigeria’s food inflation edged higher to 9.5 percent year-on-year in April, up 0.1 percentage point from March, it said.
Meanwhile, the NBS said on Thursday that Nigeria’s economy grew by 3.96 percent in the first quarter of 2015, a sharp slowdown from the same period last year due to the fall in oil prices, said on Thursday.
The NBS said oil production was 2.18 million barrels per day in the first quarter of the year, unchanged from the previous quarter but lower than 2.24 million barrels recorded in first quarter of last year.
The NBS said “this is the fifth consecutive month of a faster increase in the Headline index to reach the highest inflation rate recorded for the year.
“The Headline rate for April also equals the highest rate recorded since July 2013.”
The NBS noted that the faster pace of the Headline index was as a result of increases in most COICOP Divisions which contribute to the headline index, with the exception of slower increases in Recreation and Culture, and Communications Divisions.
“The faster pace of increases was also observed in the Food and Core sub indices.
“Food prices as observed by the Food Sub-index increased at a marginally faster pace in April.
“The Food Sub index rose by 9.5 percent, up from 9.4 percent in March as a result of increases in most of the groups that yield the index. The pace of increases was weighted upon by a slower increase in the Meats, Fish, and Dairy groups.
“The pace of advances recorded by the “All Items less Farm Produce” or Core sub-index increased for the Fourth consecutive month in April,” the NBS stated.


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