Inflation Drops Marginally To 17.24% In April
Nigeria’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.