Inflation rate slumps to 17.24% in April
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.