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Nigeria: Inflation Declines For Third Consecutive Month

Unic Press UK: The rate of inflation in Nigeria was 17.24% in April 2017, said the National Bureau of Statistics (NBS) in its publication Consumer Price Index April 2017.

This rate reflects a decline in Consumer Price Index over the last three months.

“The Consumer Price Index (CPI) 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 already high food and non-food prices,as well as favourable base effects over 2016 prices.Increases were recorded in all COICOP divisions that yield the Headline Index.The top items to have recorded the highest year on year increases across all the divisions were Solid Fuels, Bread and Cereals, Meat, Liquid Fuels, Clothing materials, other articles of clothing and clothing accessories, and Fish. On a month-on-month basis, the Headline index increased by 1.60 percent in April 2017, 0.12 percent points lower than the rate recorded in March. On a month on month basis, the highest rise in prices were dominated by food items including coffee, tea and cocoa, potato, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish.” (National Bureau of Statistics: May 2017) 

12-month overview of the rate of inflation in Nigeria

  • April 2017 – 17.24%
  • March 2017 – 17.26%
  • February 2017 – 17.78%
  • January 2017 – 18.72%
  • December 2016 – 18.55%
  • November 2016 – 18.48%
  • October 2016 – 18.3%.
  • September 2016 – 17.9%
  • August 2016 – 17.6%
  • July 2016 – 17.1%
  • June 2016 – 16.5%
  • May 2016 – 15.6%

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