Nigeria’s annual inflation rate rose for the eight consecutive months to 12.34 percent in April, driven by higher food prices prompted by the COVID-19 induced restrictions across the country.

Nigeria’s annual inflation rate rose for the eight consecutive months to 12.34 percent in April, driven by higher food prices prompted by the COVID-19 induced restrictions across the country.

The National Bureau of Statistics (NBS) disclosed this yesterday in its Consumer Price Index (CPI) Report for April 2020.

According to the bureau, headline inflation rate rose to 12.34 percent in April, the highest in two years, from 12.26 percent in March due to increases in prices of food items namely potatoes, yam and other tubers, bread and cereals, fish, oils and fats, meat, fruits and vegetables.