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    Tuesday, May 15, 2018

    Nigeria's Inflation Rate Drops By 0.83% In April

    The inflation rate in Nigeria has dropped by 0.86 percent for the month of April, 2018, the National Bureau of Statistics, NBS, has reported.
    According to the report released by NBS on Tuesday, the Consumer Price Index (CPI) which measured inflation increased by 12.48 percent (year-on-year) in April 2018.
    The fall in inflation rate which started in January 2017 has continued to experience a non-stop fall from January 2017 till date, the NBS noted in the report. 

    “The Consumer Price Index which measures inflation increased by 12.48 percent (year-on-year) in April 2018.
    “This is 0.86 percent points less than the rate recorded in March 2018 (13.34) percent and represents the fifteenth consecutive disinflation since January 2017.
    “On a month-on-month basis, the Headline index increased by 0.83 percent in April 2018, up by 0.01 percent points from the rate recorded in March.”

    The NBS further noted that the food index was pushed up in April by increases in prices of potatoes, potatoes, yam and other tubers, fish, bread and cereals, oil and fats, vegetables, coffee, tea and cocoa, meat, milk, cheese, and eggs.

    On a month-on-month basis, the Food sub-index increased by 0.91 percent in April 2018, up by 0.01 percent points from 0.90 percent recorded in March.

    ‘The average annual rate of change of the food sub-index for the twelve-month period ending April 2018 over the previous twelve-month average was 18.89 percent, 0.4 percent points from the average annual rate of change recorded in March (19.29) percent,” NBS said in the mailed report.

    Core inflation also recorded a deceleration of 10.9 percent in April 2018 and is also the lowest in 27 months, but fourth consecutive decline.
    Core inflation showed 0.3 percent points decline from the rate recorded in March at 11.2 percent.
    On a month-on-month basis, the core sub-index increased by 0.87 percent in April 2018, an increase of   0.03 percent when compared with 0.84 percent recorded in March.
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