ADVERTISEMENT
Nigeria inflation declines for third consecutive month in April
The inflation rate for April, 2017 was announced as 17.24 per cent.
Inflation rate
According to the April 2017 Consumer Price Index (CPI) report, the inflation rate was estimated at 17.24 percent which represents a little declined from its 17.26 percent figure in March 2017.
In a similar opinion survey of 16 economists on the inflation rate of the country by the Bloomberg, the median opinion was that the rate is expected to decrease to around 16.9 percent, as food prices inflation is eased out during the month.
Also noted as major drivers of the decline experienced are a deceleration in the food-price growth and ease in the foreign exchange market due to various dollar injections into the market by the Central Bank of Nigeria (CBN).
ADVERTISEMENT
The Moody’s Investor Service was also reported to have stated that “given the increased availability of foreign currency, we expect inflation to fall from its 2016 level” over the next 12 to 18 months. Price growth will “remain high at 13 percent.”
The report also revealed that there was increase in the prices of many household consumables such as Solid Fuels, Bread and Cereals, Meat, Liquid Fuels, Clothing materials, other articles of clothing and clothing accessories, and Fish.
The headline index increased by 1.60 percent in April 2017, 0.12 percent points lower than the rate recorded in March.
The "All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 14.80 percent during the month, 0.60 percent points from 15.40 percent recorded in March as all key divisions which contribute to the index increased.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT