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Increased prices of meat, yam push inflation to 11.37%

Increased prices of meat, yam push inflation to 11.37%
May 15
09:36 2019
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A faster rate of increase in food prices resulted in higher inflation in April.

This is according to the Consumer Price Index/Inflation report released by the National Bureau of Statistics on Wednesday.

In April, the inflation rate increased by 11.37%, a rise of 0.12% points from the 11.25% recorded in March 2019.

“On a month-on-month basis, the headline index increased by 0.94% in April 2019, this is 0.15% rate higher than the rate recorded in March 2019 (0.79%),” the report read.

“The urban inflation rate increased by 11.70% from 11.54% recorded in March 2019 while the rural inflation rate increased by 11.08% in April 2019 from 10.99% in March 2019.

“The composite food index rose by 13.70% in April 2019 compared to 13.45% in March 2019.”

According to the index, the rise in the food index was caused by increases in prices of meat, fish, oils and fat, bread and cereals, milk, cheese and egg, potatoes, yam and other tubers, fruits and vegetables.

In states, all items inflation was highest in Kebbi (14.82%), Bauchi (14.42%) and Zamfara (13.99%) while Abia (10.12%), Delta (9.94%) and Cross River (9.48%) recorded the slowest rise in headline year on year inflation.

Food inflation was highest in Kaduna (16.77%), Kebbi (16.75%) and Kwara (16.34%) while Rivers (12.01%), Bayelsa (11.25%) and Kogi (10.49%) recorded the slowest rise.

Core inflation, which the prices of volatile agricultural produce stood at 9.3% down by 0.2% when compared with 9.5% recorded in March 2019.

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Exchange Rates

May 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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