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Nigeria records downward inflationary movement in April

Nigeria records downward inflationary movement in April

For the third month running, Nigeria’s inflationary trend has moved downward, recording a slight gain of 0.2 per cent in the month of April, from 17.26 per cent in March to 17.24 per cent in April of 2017.

This is according to the National Bureau of Statistics in its report on the latest in the purchasing power of the naira, published on Tuesday

It said, however, that inflation separate food price index rose to 19.30 per cent from 18.44 percent 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 report stated.

Annual inflation fell in March and in February, which was the first drop in inflation in 15 months.

Despite the marginal reduction in rate of inflation, Nigeria is still having the highest double digit-inflation rate in Africa, which though reputed to be Africa’s largest economy.

Read also: Car importers lose 90% of business in 2016 to recession

According to the NBS, “Food inflation hit the highest since February of 2009. Also, prices advanced for clothing and footwear (17.10 percent vs 16.65 percent), furniture and household equipment (12.84 percent vs 12.47 percent), health (10.66 percent vs 10.30 percent), miscellaneous goods and services (12.16 percent vs 11.52 percent), restaurants and hotels (9.08 percent vs 8.55 percent) and recreation and culture (10.77 percent vs 10.30 percent).

“Annual core inflation rate eased to 14.75 percent from 15.44 percent in the previous month.

“On a monthly basis, consumer prices increased 1.60 percent, slowing from a 1.72 percent rise in March, as cost went up less for: food (2.04 percent vs 2.21 percent), imported food (0.88 percent vs 1.43 percent), housing and utilities (0.87 percent vs 1.08 percent) and transport (1.13 percent vs 1.16 percent)”.

 

 

 

 

 

 

 

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