Increase in cost of food caused by rise in inflation (READ)

Nigerians are in for a bumpy ride as the country’s inflation rate rose up to 13.7 percent in the month of April as against the 12.8 percent it was in March.

According to the just released April 2016 Consumer Price Index/Inflation (CPI) Report issued by the NBS in Abuja, the inflation rate in Nigeria is rising continuously.

The CPI is a monthly report that measures the average change in the price of goods and services consumed by people on a daily basis.

The report stated that: “The Headline Index increased by 13.7 per cent (year-on-year), roughly 0.9 per cent points higher than the rates recorded in March (12.8 per cent).

“The higher rate of increase relative to March reflected in faster increases across all divisions which contribute to the index with the exception of the Restaurants and Hotels Division.

“It contributed to the index with the exception of the restaurant and hotels division which increased, albeit at a slower pace for the third consecutive month.

“Lingering structural constraints continue to manifest spillovers in April.

“It continues to manifest as electricity rates, kerosene prices, the impact of higher PMS prices and vehicle spare parts were the largest contributors to the Core Sub Index during the month.”

The report, however, noted hat the food index has seen tighter supplies across several group that contribute to the sub-index.

“The sub-index increased by 13.2 per cent in April, up by 0.4 per cent points from rates recorded in March,” it revealed.

“All major food groups which contribute to the food sub-index increased at a faster pace driven by higher food prices in fish, bread and cereals, and vegetables groups.”

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