Nigeria: Inflation inches up in April
May 15, 2019
Consumer prices rose 0.94% on a month-on-month basis in April, up from March’s 0.79% climb. The acceleration was largely driven by faster growth of food prices.
Inflation ticked up from 11.3% in March to 11.4% in April. Thus, it moved further above the Central Bank’s target range of 6.0%–9.0%.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.70% month-on-month in April, above March’s 0.53% increase. In addition, core inflation edged down to an over three-year low of 9.3% in April (March: 9.5%).
Author: Javier Colato, Economist