Inflation rises to 9.1% in April

The rate of inflation in the country rose to 9.1% in April from 8.6% in March, according to the Consumer Price Index Report released by the National Bureau of Statistics yesterday.

The report attributed the rise in inflation to “higher price levels of food products due to the effect of declining inventories.”

The inflation rate fell below 10% in January, meeting the Central Bank of Nigeria’s target, as the impact of last year’s higher fuel prices waned.

The CBN Governor, Lamido Sanusi, had said in March that consumer prices would probably remain between 9% and 11% this year.

The NBS also said in the Gross Domestic Product Report for the first quarter of 2013 that the economy expanded by 6.56 in the period.