Nigeria's inflation rate rises again


 By Tosin,Lawal Shereef

Nigeria's inflation rate rises to 12.34% as COVID effects bite harder


Data from the National Bureau of Statistics (NBS) reveal that Nigeria’s inflation rate increased by 12.34% (year-on-year) in April 2020. This is 0.08% higher than the rate of 12.26% recorded in March 2020 and the highest rise since April 2018.
     As the country battles with the economic downturn that came with the COVID-19 pandemic, Nigeria’s inflation rate hits it’s highest in 24 months..

     The latest inflation report implies a fast rise in the prices of overall goods and services in the economy, caused by the lockdown procedure in response to COVID-19 pandemic and the continual global oil crisis.

It should be noted that the latest increase in the inflation rate means that the purchasing power of consumers to buy goods and services deteriorated,i.e, the ability of consumers to buy the same quantity of goods with a fixed income level has worsened within the period, despite investment yields being low and economic activity practically kept on hold.

Moreover,A twitter based Nigerian watchdog group,@BudgITng has disclosed yesterday  that: 'Nigeria's year on year inflation rate rose to 12.34% in April from 12.26% in March. With the current lag in economic activities, crash in oil prices due to the #COVID19 pandemic and devaluation of naira, do you think the inflation rate is bound to increase?'
#DataOfTheDay pic.twitter.com/3nbGZVnf9Q


Credit: @BudgITng

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