By Emmanuel Elebeke

Nigeria’s inflation rose to 13.7 percent in April from 12.8 percent recorded in March.

In the latest report released by the National Bureau of Statistics, NBS on Monday, the Bureau stated that the figure represents 0.9 per cent point increase, higher from the 12.8 per cent rate in the previous month.

The NBS report noted that the six-year high increase 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.

The inflation was traced to the pressure on the naira, which fail to its lowest level in recent months against the dollar in the parallel market.

According to the statistical body, the increase also represents the thirds consecutive month the economy is recording such a strong increase.

It will be recalled that last Wednesday, the federal government announced total removal of fuel subsidy and increasing the petrol prices by up to 67 percent, which is expected to affect millions of Nigerian people who rely so much on gasoline to power electricity generators as well as transport.

Under the month in review, the food price index rose 13.2 percent in April, up 0.4 percentage points from March.
NBS blamed the petrol prices and electricity tariffs as major causative factors in the inflation rise.

There is also the speculation that the central bank will soon devalue the currency, which had since been denied by the apex bank.