WorldStage Newsonline-- Nigeria’s Composite Consumer Price Index which measures inflation rose to 12.9 percent year-on-year in April 2012, according to a report released by the National Bureau of Statistics on Tuesday.
The Bureau stated further that on a monthly basis, the composite CPI was higher by 0.13 percent when compared with March 2012, as prices moderated in April. The increase in the headline index, composed of the core and food indices, was partially due to the higher price levels in the economy. However, this was moderated by lack of constant liquidity in the economy.
The report stated further that the urban inflation rate stood at 13.4 per cent year-on-year compared to the rural figure which was reported to be 12.4 per cent for April 2012.The urban All Items index increased by 0.3 percent on month-on-month, while the corresponding rural index increased marginally by 0.01 percent, when compared with the preceding month.
“The percentage change in the average composite CPI for the twelve-month period ending April 2012 over the average of the CPI for the previous twelve-month period was 11.1 percent, up slightly from the 10.9 percent recorded in the preceding month. The corresponding 12-month year-on-year average percentage change for urban and rural indices were 10.3 percent and 11.7 percent respectively”, the agency added.
On the Food Index, NBS said the level of the Composite Food Index was higher in April than the corresponding level a year ago by 11.2 percent and that when compared with March 2012, average monthly food prices rose in April 2012 by 0.2 percent.
“The rise in the food index while moderate was mainly due to marginal increases of most food classes, for instance, bread and cereals, meat, and fish, as well as the increasing cost of other food products especially yams and other tubers as they have become relatively scarce due to the drawdown from the end of year harvest. The average annual rate of rise of the index remained at 10.3 percent (year-on-year) for the twelve-month period ending April 2012,” the report said.
“All items less Farm Produce” index which excludes the prices of volatile agricultural products rose by 14.7 percent year-on-year, while the average 12 month annual rate of rise of the index was 12.2 percent for the twelve-month period ending April 2012.”
The rise in the “Core” index, according to the agency, “could be attributable to higher price levels in major divisions that compose the index. On a month-on-month basis, the core index increased marginally by 0.1 percent in April 2012”.