Business Nigeria’s April Inflation Rate Jumps To 13.7%

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Nigerian inflation accelerated for a sixth consecutive month in April which stood at 13.7% and at the highest pace since August 2010.

According to the Bureau, the Headline index increased by 13.7% (year-on-year), roughly 0.9% points higher from rates recorded in March (12.8%).

The higher rate of increase relative to March, was reflected in faster increases across all divisions which contribute to the index with the exception of the Restaurants and Hotels division which increased, albeit at a slower pace for the third consecutive month. This is the third consecutive month of strong increase in the rate of inflation.

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Related: Crude Oil Prices Rise As Disruptions Hit Nigeria

The inflation rate “may make the MPC members vote in support of an increase in interest rates,” Babajide Solanke, an analyst at Lagos-based FSDH Merchant Bank Ltd., told Bloomberg.

The committee, which will announce its next decision on May 24, increased its benchmark rate by 100 basis points to 12 percent in March.

Related: CBN Set to Announce FX Policy Reform [BusinessDay]
 
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