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Inflation Rises to 12.9% in April

By on May 16, 2012

Inflation rose to 12.9% YoY in April driven largely by non-food prices, according to a report from the National Bureau of Statistics. This represents an increase of 0.13% when compared to inflation level in March.

NBS stated that food prices rose in April by 0.2% due to marginal increases in the price of bread, cereals, meat and fish. Cost of yam tubers and similar products also rose due to their scarcity as the end of harvest stocks are depleted.

The NBS stated, “The “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 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.”