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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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  • Animashaun Ayodeji

    But why are goods and commodities still very expensive despite the decrease in inflation?

    • Anita Kingsley

      National Bureau of Statistics is saying nonsense, they based their review on Dollar/Naira exchange rate, which makes no sense. They should go to market to see if prices of goods have changed.

    • JOHNSON PETER

      Because they say much money is chasing after few goods and that’s or little money chasing after much goods, lol

  • Agbor Chris

    If this report is truly correct, then in matter of three to four months, Nigeria will be out of recession totally. However, let’s hope the powerful forces won’t draw the country’s economy backward again

  • yanju omotodun

    If NBS says prices of rice has reduced, probably those idiots went to Cotonou to price rice and compared it with Nigerian price.

    • JOHNSON PETER

      They didn’t specify if it rice so, no need to preempt them

  • seyi jelili

    We need not to incite unnecessary argument over this issue, anyone can say anything, but we know what is true, for NBS, they will surely want to tune in government’s favour.

    • JOHNSON PETER

      You are right because anyone saying Nigeria has the largest growing economy is nothing but a fool.

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