Nigeria’s Inflation Rate Falls Again

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.

READ ALSO – https://denisaurus.com/2017/05/16/ons-figures-show-inflation-at-its-highest-level-since-september-2013/

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%.

READ ALSO – http://www.nigerianstat.gov.ng/report/552

READ ALSO – https://denisaurus.com/2016/11/21/nigerias-economy-continues-to-contract/

This figures shows that the Nigerian economy is gradually coming out of the recession.

 

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