Inflation surges to 13.34 per cent

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Nigeria’s inflation rate has hit a two-year high.

The consumer price index, which measures inflation rose in April to stand at 12.34 per cent.

The figure is 0.08 percentage points higher than the 12.26 per cent recorded in March.

The report released by the National Bureau of Statistics on Thursday shows that, On a 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.

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




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