Nigeria’s Inflation Declines For Third Consecutive Month
The Consumer Price Index (CPI) which measure inflation dropped marginally to 17.24 per cent in April from 17.26 per cent in March, the National Bureau of Statistics, NBS, said on Tuesday.
This makes it the third consecutive month of a decline in the headline CPI rate, which signifies slight drop in high food and non-food prices, as compared to the 2016 prices.
According to the report, the top items to have recorded the highest year-on-year increases across all the divisions were solid fuels, bread and cereals, meat, liquid fuels, and clothing materials.
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The headline index increased by 1.60 per cent in April 2017, 0.12 per cent points lower than the rate recorded in March.
The statistics office attributes the increase to a rise in prices of food items including coffee, tea and cocoa, potatoes, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish.
The urban index declined to 17.62 per cent year-on-year in April from 18.27 per cent recorded in March, while the rural index increased to 16.69 per cent year-on-year in April from 16.47 per cent in March.
The Economic Recovery and Growth Plan (ERGP) unveiled last month by President Muhammadu Buhari, aims to cut down inflation to about 15 percent by the end of 2017.
