Nigeria’s inflation rate drops 17.24 per cent in April
Latest reports from the National Bureau of Statistics (NBS) released yesterday in Abuja has revealed that Nigeria’s inflation rate further declined by 0.02 per cent point from 17.26 per cent recorded in March to 17.24 per cent in April 2017.
According to the NBS, this is the third consecutive month of a decline in the country’s rate of inflation after climbing to over 18.44 per cent early in the year. The decline is also exhibiting some effects of some easing in the already high food and non-food prices, as well as favourable base effects over 2016 prices.
The bureau further explained that the topline items to have recorded the highest year-on-year increases across all the divisions include solid and liquid fuels, bread, cereals, meat, clothing materials, other articles of clothing and clothing accessories and fish.
The NBS, however, noted that the Urban index rose by 17.62 per cent (year-on-year) in April from 18.27 per cent recorded in March, while the Rural index increased by 16.69 per cent in April from 16.47 per cent in March.
Related reports also released by the nation’s data house indicated that the prices of core food items and other basic household consumables including kerosene, cooking gas and petrol showed an upwards trend during the month of April.
In a report titled, “National Household Kerosene Price Watch”, the NBS stated that the average price per litre paid by consumers for kerosene increased by 25.77 per cent year-on-year to ₦280.80 in April 2017 from ₦311.56 in March 2017.
According to the report, states with the highest average price per litre of kerosene were Anambra where the product was sold for ₦296.21.22, followed by Imo where a litre went for ₦294.61 and then Lagos with average price of a litre being ₦292.59 during the period under review.
On petrol, NBS reported that the average price paid by consumers for the product increased by 0.3 per cent month-on-month from ₦149.4 in March to ₦149.9 in April 2017 while the average price paid by consumers for diesel increased by 50.67 per cent year-on-year to ₦229.25 in April 2017 from ₦234.55 in March 2017.
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