Economy

Inflation Falls Below Zero in Canada for First Time Since 2009

Inflation Falls Below Zero in Canada for First Time Since 2009”

Excluding energy, however, the CPI rose 0.7%.

"On month on month basis however, April 2020 food inflation was highest in Akwa Ibom, Lagos and Oyo, while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate)", the NBS said.

"We expect the battle against COVID-19, moderating crude oil prices and the depreciation of the Naira against the Dollars to negatively impact on the general price level in the coming months".

The uptick in prices for household cleaning products and toilet paper is a result of increased demand.

"Falling petrol and diesel prices, combined with changes to the domestic energy price cap were the main reasons for lower inflation in April", ONS Deputy National Statistician Jonathan Athow said.

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

Laura Suter, personal finance analyst at investment platform AJ Bell, said it was likely that as shops start re-opening retailers would deeply discount prices, putting further downward pressure on inflation.

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

"No surprise then that United Kingdom consumer price inflation" tanked in April.

The federal government had on May 2, 2020, directed the release of about 17,500 metric tonnes of assorted grains from the Yola National Food Reserve site for distribution as palliatives to Nigerians.

The data highlights the challenge the Bank of Japan faces amid the ongoing coronavirus pandemic to achieve its elusive 2% inflation target.

Most economists had expected April's inflation to fall to 0.9%, and have predicted the rate will fall further as the economic fallout of the pandemic continues.

Core inflation, which factors out volatile items like energy prices and are often seen as a better measure of underlying price pressure, declined to 1.8% from 1.83% in the prior month, the lowest level since January 2019.

But the country experienced a decade of low inflation following the 2008 financial crisis even after the Bank of England slashed interest rates and launched a sweeping asset-purchasing programme.

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