Again, Inflation Rate Slows To 17.24% In April

Nigeria’s Consumer Price Index (CPI), which measures movement of inflation in the country, rose by 17.24% year-on-year, slower for the third consecutive month to April, according to data by the National Bureau of Statistics (NBS).
The figure was 0.02% down from the 17.26% recorded YOY in March, in what the NBSe said resulted from “effects of some easing in already high food and non-food prices, as well as favourable base effects over 2016 prices.”
Major drivers of growth during the period were identified as solid fuels, bread and cereals, meat, liquid fuels, clothing materials, other articles of clothing and clothing accessories as well as fish.
Month-on-month, the headline inflation rose 1.6% in April, up by 0.12% lwer than that of March, spiked by food items such as coffee, tea and cocoa, potatoes, yam and tubers, bread and cereals, milk cheese, eggs, meat and fish.
Urban inflation increased by 17.62% year-on-year in April, down from 18.27% in the preceding month, Just as the rural index climbed by 16.69%, as against 16.47% in March.
Month-on-Month also, the urban index increased 1.61%, slower than the 1.76% in March, while the rural index stood at 1.59% from 1.69% in the previous month.
NBS also noted that “the corresponding 12-month year-on-year average percentage change for the urban index increased from 18.79% in March to 18.98% in April, while the corresponding rural index also increased from 16.05% in March to 16.69% in April.”

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