By Abdul Tukur
Nigeria’s inflation has dropped for the third consecutive month.
The National Bureau of Statistics, NBS, said the Consumer Price Index, CPI, dropped from 17.26% in March to 17.24 % in the month of April.
The CPI which measures inflation rate in Africa’s most popular country, shows some easing in high food and non-food prices. It also provides a favorable base effect over 2016 prices.
According to the date released today (May 16), top items to have recorded the highest year-on-year increase were solid fuels, bread and cereals, meat, liquid fuels and clothing materials.
The Urban Index went down to 17.62% from 18.27%.
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This figures shows that the Nigerian economy is gradually coming out of the recession.