Inflation rises for first time in three months – Independent Observers

Inflation rises for first time in three months

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By Kunle Adedoyin

New figures from the National Bureau of Statistics showed that consumer inflation rate was 11.37 per cent in April, showing a rise for the first time in three months.

The inflation rate, which rose to 11.44 per cent in December from 11.28 per cent in November, declined for three straight months since January before it expanded to 11.37 per cent last month from 11.25 per cent in March.

In April, food inflation rose to 13.70 per cent from 13.45 per cent in March, with the highest increases recorded in the prices of meat, fish, oils and fats, bread and cereals, milk, cheese and egg, potatoes, yam and other tubers.

On a month-on-month basis, food inflation increased faster by 1.14 per cent, relative to the 0.88 per cent recorded in the previous month.

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