Food price inflation inched up to 9.4 percent in April, from 9.3 percent the previous month. Cost of bread and Cereals, Meat, Fish, dairy, Oils and fats and Fruits drew the index higher while the prices of Vegetables, Potatoes, and Yams and Other tubers; and Sugar, jam, honey, chocolate and confectionery grew at a slower pace. Over the last eight months, food prices continued to be relatively stable, moving in a 0.2 percentage point band between 9.2 percent and 9.4 percent.
After moving at a slower pace in March, prices measured by the Core sub-index increased at a faster rate in April. Prices rose by 7.5 percent year-on-year, 0.7 percentage points higher than the rate recorded in March (6.8 percent). This was as a result of higher increases in the Housing Water, Electricity, Gas and Other Fuel; Alcoholic Beverages, Tobacco and Kola; and Restaurants and Hotels Divisions amongst others.
Inflation in April was within Nigeria's central bank's target rate of 6 to 9 percent. The bank has a longer-term goal of reducing inflation to around 5 percent by the end of 2015.