Nigeria's Inflation Rate Hits 12.34% Amidst COVID-19 Onslaught On Economy

Amidst the coronavirus outbreak, Nigeria's inflation rate rises to 12.34% (year-on-year) in April 2020, the Nigerian Bureau of Statistics data has disclosed. The increase in the inflation rate reflects the economic fallout of the COVID-19 on the country. The pandemic has had an adverse effect on Nigeria's economy as the country went into a month of lockdown.

The increase in the inflation rate is the highest since April 2018. According to NBS, the inflation rate increased by 0.08% from 12.26% recorded in March 2020 to reach 12.34%. Explaining further, the report stated that the food index rose to 15.03% in April 2020 from 14.98% recorded in March.

Meanwhile, the core inflation increased to 9.98% from 9.73% recorded in the preceding month; this represented an increase of 0.25%.

April 2020 CPI/Inflation report @ https://t.co/rfdVphsJdb.

RURAL/URBAN YEAR ON YEAR:
Urban (13.01% from 12.93%); Rural (11.73% from 11.64%);

RURAL/URBAN MONTH ON MONTH: Urban(1.06% from 0.88%); Rural (0.98% from 0.80%) pic.twitter.com/SyYSZohAFX

— Dr Yemi Kale (@sgyemikale) May 21, 2020