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Nigeria’s Headline Inflation Increased By 11.37% Records A 0.12% Point Increase From March

Headline Inflation

News flash about headline inflation. Data released by Nigeria’s National Bureau of Statistics (NBS) indicates that the CPI (Consumer Price Index), which measures the changes over time in the prices of consumer goods and services purchased by households for day-to-day living, increased by 11.37% (year-on-year) in April, 2019. This figure shows a 0.12%-point increase from the 11.25% recorded in March, 2019.

April, 2019 Headline Inflation Data Analysis.

According to the data, headline inflation – the difference in inflation by calculating the prices of a basket of goods bought by consumers – increased to 11.37% in April, 2019 from 11.25% in March, 2019. This is a 0.12% rate increase.

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On the month-on-month basis, the headline inflation rate increased by 0.94%(m-o-m) in April 2019, from the 0.79% (m-o-m) recorded in march, 2019. The figure indicates a 0.15%-point increase from the previous month’s rate.

Food Inflation Climbed To 13.7% In April.

Meanwhile, food inflation climbed to 13.70% in April, 2019 compared to the 13.45% recorded in March, 2019 while core inflation – a measure of inflation which does not include CPI components such as food, energy, fuel, etc. – declined by 0.2% to 9.30% in April, 2019 from 9.50% recorded in March, 2019.

Headline Inflation

Reason For The Rise In Food Inflation.

The rise in food inflation as recorded in the month of April, 2019, according to the statistics bureau, can be attributed to the increase in the prices of meat, fish, bread and cereals, oil and fats, egg, cheese, milk, potatoes, yam and other tubers, and fruits and vegetables.

However, the food sub-index rose by 1.14% in April. This figure went up by 0.26% from 0.88% obtained in March, on a month-on-month basis, while the annual average rate of change of the food sub-index for the 12-month period which ended April, 2019 was 13.34%, a 0.08% decrease from the 13. 42% computed for the month of March.

What Does This Mean To The Average Nigerian Or Entrepreneur?

Reducing inflation rate to the barest minimum is one of the goals all economic policy makers seek to achieve.

In an economy, a high inflation rate will lead to a rise in the cost of living and a rise in interest rates by banks, in order to maintain profit margin. The impact, therefore, is that businesses will likely raise wages to attract workers, implying that workers’ real wages will continue to rise. 

Furthermore, as inflation rises, businesses are forced to raise prices partly because of banks’ increased rates; a business is very likely to suffer or even fail as a result of increased bank rates. Business failure unavoidably increases unemployment in the economy. The overall economy is harmed.

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