Business

NBS: Nigeria’s inflation hits two-year high

Nigeria’s inflation rose in April to its highest in two years, amidst a coronavirus pandemic that has ravaged global economy.

Data released by the National Bureau of Statistics on Thursday showed Nigeria’s inflation at its eighth-month consecutive rise.

The bureau’s Consumer Price Index report said inflation rose to 12.34 per cent in April, when compared with April 2019, and up from 0.08 percent in March 2020.

The closure of land borders in the country in August 2019 was a major driving force for the upward trend of the inflation rate of the country since September 2019.

The closure affected the availability of rice, vegetable oil, frozen food and other staples, causing prices of the commodities to be on the increase.

Economies soon became battered by the coronavirus pandemic that has seen economies locked down.

Nigerian states, including Abuja and commercial centre Lagos, have been on a lockdown for close to two months now.

The NBS said the composite food index rose by 15.03 per cent in April 2020 compared to 14.98 per cent 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.

Muhammad A. Aliyu

Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior editor at Okay Nigeria.
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