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UPDATE 1-Nigeria inflation rose for eighth month in April on higher food prices

Published 21/05/2020, 15:01
© Reuters.

(Adds details, background)
ABUJA, May 21 (Reuters) - Annual inflation in Nigeria rose
for the eighth straight month in April, lifted by higher food
prices, the statistics office said on Thursday, as measures to
curb the spread of the novel coronavirus hindered economic
activities and increased costs.
Inflation, a measure of living costs, climbed to 12.34% in
April, its highest level in more than two years, from 12.26% the
previous month, the National Bureau of Statistics said.
Food inflation, which accounts for the bulk of the inflation
basket, rose at a much faster pace, to 15.03% in April, compared
with 14.98% in March.
The statistics office attributed the rise in the food index
to increases in the prices of potatoes, yams and other tubers,
bread and cereals, fish, oils, fruits and vegetables. Food
inflation has been in double digits for more than three years.
On Monday, the government said it would impose targeted
lockdown measures in areas that report rapid increases in
coronavirus cases, and that a phased reopening of the economy
would go ahead more slowly than planned.
The measures have created bottlenecks for food and other
deliveries, in a country where investment is needed in transport
infrastructure.
So far, Nigeria has 6,677 confirmed coronavirus cases and
200 deaths.
The inflation data comes ahead of next week's interest-rate
meeting where the central bank will weigh inflationary risks and
a weaker currency against an economy projected to shrink this
year due to the oil price crash caused by the pandemic.
The naira has hit a series of lows on the black market,
widening the gap with the official and over-the-counter spot
markets, especially after dollar sales were suspended due to a
coronavirus lockdown in April and a 15% devaluation in March.

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