Investing.com - Financial Markets Worldwide
Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.