BREAKING: Again, Nigeria’s Annual Inflation Records Slight Decline By 0.02%
For the third consecutive month this year, Nigeria’s annual inflation has continued to drop.
The Consumer Price Index, CPI which measures inflation increased by 17.24% year-on-year though at a slower pace in April 2017, according to the inflation data released by National Bureau of Statistics on Tuesday.
The 17.24%, about 0.02% points gain recorded in April was lower than the rate recorded in March which was 17.26%.
The three months’ consecutive decline in the headline CPI rate, is a sign that things are improving for the economy.
Although there is easing in already high food and non-food prices, as well as favourable base effects over 2016 prices, increases were recorded in all classification of individual consumption by purpose, COICOP divisions that determine the Headline Index.
According to the NBS 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, Clothing materials, other articles of clothing and clothing accessories, and Fish.
There is also a slight improvement on a month-on-month basis, as inflation increased by 1.60% in April 2017, 0.12% points lower than the rate recorded in March.
On this month on month basis, the highest rise in prices were dominated by food items including coffee, tea and cocoa, potato, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish.