According to the Bureau of Statistics, the consumer price index which measures inflation rose 12.9% year on year for April 2012. This was 0.8% higher than the inflation rate of 12.1% in March 2012. The Statistics Bureau attributes this increase to lower price levels in April 2011 which it believes influenced the change in price levels a year after. This makes sense as month to month rise in inflation was pretty much moderate as the Consumer Price Index rose just 0.13% between March and April 2012. Compare that to the period between February and March 2012 which rose 1.6%.
Double digit inflation rates is till very bad for the economy with interest rates approaching at all time high. I expect the CBN to continue tightening monetary policy as they fight to stave of inflation. I do not expect them to raise MPR from the current rate 12% as any decision to do so with have negative effects on the wider economy. I expect the CBN to derive comfort in the fact that changes in month to month inflation was almost static meaning prices were basically stable. Food prices which constitute a major component of the basket used in measuring inflation were also up just 0.2%. This should please the CBN.
See Inflation Report Here