Nigeria: Inflation drops from 17.26% in March to 17.24% in the month of April

The National Bureau of Statistics on Tuesday said the Consumer Price Index, which measures inflation dropped from 17.26 per cent in March to 17.24 per cent in the month of April.

The NBS in the report stated that the 0.02 percent points in inflation rate make it the third consecutive month of decline in the CPI.

This, the report added, is an indication that higher food and non-food prices in the, as well as the unfavourable base effects of the 2016 prices, have started easing.

The report reads in part, “The Consumer Price Index, which measures inflation increased by 17.24 percent (year-on-year) though at a slower pace in April 2017, 0.02 percent points lower from the rate recorded in March (17.26) percent.

“This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in the already high food and non-food prices, as favourable base effects over 2016 prices.”

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