For the third consecutive month, the consumer price index (CPI) which measures inflation rate in the Nigerian economy has been on the decline.
According to the National Bureau of Statistics (NBS), inflation rate dropped to 17.24 percent (year-on-year) in April, declining by 0.02 percent from the figures recorded in March, 2017.
“This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in already high food and non-food prices, as well as favourable base effects over 2016 prices,” NBS said via its inflation report for April, 2017.
“Increases were recorded in all COICOP divisions that yield the Headline Index. 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, Clothing materials, other articles of clothing and clothing accessories and fish.”
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.