Nigeria inflation hits two-year high -- NBS

UK inflation tumbled to lowest level in four years in April, says ONS

Falling petrol and diesel prices, plus lower energy bills, were the main drivers pushing inflation lower.

Excluding the impact of a consumption tax hike from 8 percent to 10 percent and a free preschool education and nursery program, both introduced last October 1, consumer prices fell 0.6 percent in April.

On a monthly basis, annual inflation rate jumped by 1.02% in April (from 0.84% in March), as imported food inflation index rose by 1.27% amid depreciation of the Naira against the United States dollars.

"In that sense, an increase in food prices in April likely hurts more than a drop in gasoline prices helps".

Attributing the rise in food prices to the continued border closure and increased demand for food, Professor Uche Uwaleke, stressed the need to enhance flow of stimulus packages to farmers in order to increase food production.

In an afternoon speech, Bank of Canada deputy governor Timothy Lane said numerous changes will reverse as restrictions are eased and businesses reopen, but warned of "persistent price effects" for different products and services and further changes in consumption patterns.

Hotel fees and foreign travel prices sank while the cost of durable goods edged down as consumers stayed home amid the virus woes.

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Chief Executive Officer of Financial Derivatives, Bismarck Rewane said inflation is expected to spike further into the year, while core inflation was up by 25bps to 9.98 per cent.

The ONS said clothing retailers, hit by the government's stay-at-home orders for most people in Britain, resorted to more discount sales than usual to try to shift their stock.

Even before the virus outbreak, the central Bank of Japan had spent years struggling to achieve a two percent inflation target, as consumer spending remained slack despite the bank's massive credit easing.

"Inflation should be the least of our worry; it should be trying to exit the lockdown, and getting the economy to recover".

"Excluding energy, the CPI was still up a decent 1.6%".

Inflation as measured by the Retail Prices Index (RPI) - an older measure of inflation which the ONS says is inaccurate, but is widely used in bond markets and for other commercial contracts - dropped to 1.5% from 2.6%.

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