Inflation Drops Marginally To 17.24% In April

Channels Television
Updated May 16, 2017

Naira, dollar, Market FX marketNigeria’s consumer price index which measures inflation dropped marginally to 17.24 per cent in April from 17.26 per cent in March.

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.

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.

Year-on-year, the food sub-index climbed from 18.44 per cent in March to 19.30 percent in April.

The statistics office attributes the increase to a rise in prices of food items including bread, cereals, meat, fish, and tubers.

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.