Nigeria inflation rate witnesses decline again
The Consumer Price Index (CPI) which measures inflation declined by 0.02 percent in April, the National Bureau of Statistics, NBS, said on Tuesday.
According to the NBS in its new report, the inflation rate, put at 17.24 percent, declined a little further from the 17.26 percent recorded in March .
This represents the third consecutive month of a decline in the headline CPI rate, indicating some easing in high food and non-food prices.
According to the report, the top items to have recorded the highest increases between April 2016 and 2017 across all the divisions were Solid Fuels, Bread and Cereals, Meat, Liquid Fuels, Clothing materials, other articles of clothing and clothing accessories, and Fish.
Between March and April 2017, however, the headline index increased by 1.60 percent in April 2017, 0.12 percent points lower than the rate recorded in March.
Similarly, between March and April 2017, the highest rise in prices were dominated by food items including coffee, tea and cocoa, potatoes, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish.
The headline index, the report noted, is made up of the core index and farm produce items.
Similarly, the urban index rose by 1.61 percent in April from 1.76 percent recorded in March, while the rural index rose by 1.59 percent in April from 1.69 percent in March.
The Composite Food Index rose by 19.30 percent in April 2017.
Meanwhile, the food sub-index increased by 2.04 percent in April, down by 0.17 percent points from 2.21 percent recorded in March.
The rise in the index was caused by increases in prices of bread, cereals, meat, fish, potatoes, yams and other tubers, coffee, tea and cocoa, milk cheese and eggs and oils and fats.
The average annual rate of change of the Food sub-index for the twelve-month period ending in April 2017 over the previous twelve-month average was 17.11 percent, 0.51 percent points from the average annual rate of change recorded in March (16.60) percent.
The ‘’All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 14.80 percent during the month, 0.60 percent points from 15.40 percent recorded in March as all key divisions which contributes to the index increased.