Inflation rate drops by 0.86% in April
Again, Nigeria’s inflation rate measured by the Consumer Price Index, CPI, dropped by 0.86percent point in April 2018, the National Bureau of Statistics disclosed.
NBS in its CPI reports for April, suggest that the inflation rate stood at 12.48percent, away from the 13.34percent reported in March, making it the 15th consecutive decline recorded since the nation exited economic recession in January 2017.
According to 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 bureau states that Kebbi and Bayelsa States recorded the highest food inflation rate of 18 percent in April even as nationwide headline inflation rate dropped to 12.48 percent in the same month from 13.34 per cent recorded in March, 2018.
However, food inflation remains higher than the headline inflation, an indication that food prices remain high.
The Composite Food Index rose by 14.80 percent in April 2018, being 2.32 percent higher than the headline inflation recorded in the same month.
“The rise in the index was caused by increases in prices of Potatoes, yam and other tubers, Fish, Bread and cereals, Oil and fats, Vegetables and Meat,” the report stated.
Analysis of the CPI shows that food inflation on a year on year basis was highest in Kebbi (17.92 percent), Bayelsa (17.85 percent) and Nasarawa (17.71 percent).
The Urban inflation rate eased by 12.89 percent (year-on-year) in April 2018 from 13.75 percent recorded in March, while the Rural inflation rate also eased by 12.13 percent in April 2018 from