In­fla­tion rate slumps to 17.24% in April

Daily Trust - - BUSINESS - By Fran­cis Arinze Iloani

In­fla­tion rate slumped to 17.24 per cent in April from the 17.26 per cent recorded in March.

The Con­sumer Price In­dex (CPI) which mea­sures in­fla­tion re­leased yes­ter­day by the Na­tional Bureau of Statis­tics (NBS) in­di­cated that the lat­est slump in in­fla­tion rate is the third con­sec­u­tive month of a de­cline in the head­line CPI rate.

The NBS said the drop is “ex­hibit­ing ef­fects of some eas­ing in al­ready high food and non-food prices, as well as favourable base ef­fects over 2016 prices.”

The re­port showed that 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 per cent in April 2017, 0.12 per cent 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, pota­toe, yam and tu­bers, bread and ce­re­als, milk cheese and eggs and meat and fish.

Anal­y­sis showed that the Ur­ban in­dex rose by 17.62 per cent (year-on-year) in April from 18.27 per cent recorded in March, and the Ru­ral in­dex in­creased by 16.69 per cent in April from 16.47 per cent in March.

On month-on-month ba­sis, the ur­ban in­dex rose by 1.61 per cent in April from 1.76 per cent recorded in March, while the ru­ral in­dex rose by 1.59 per cent in April from 1.69 per cent in March.

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