Economy News Extra Latest News

Nigeria’s Inflation Decelerates To 12.48% In April

Nigeria’s Consumer Price Index (CPI), which measures inflation, increased by 12.48 percent year-on-year in April this year, representing.86 percent points less than the 13.34 percent rate recorded the preceding month.

The National Bureau of Statistics (NBS) reported today that the April’s rate represented the 15th consecutive disinflation since January 2017, noting, however, that increases are in all Classification of Individual Consumption according to Purpose (COICOP), divisions that yield the Headline Index.

This is even as the agency disclosed that on a month-on-month basis, the Headline index increased by 0.83 percent in the month under review, sliding by 0.01 percent points from the rate recorded in March 2018.

The NBS stated further that the percentage change in the average composite CPI for the twelve-month period ending April 2018 over the average of the CPI for the previous twelve-month period was 15.20 percent, showing 0.40 percent.

According to the Bureau, the Urban inflation rate eased by 12.89 percent year-on-year in April down from 13.75 percent recorded in March, while the Rural inflation rate also eased by 12.13 percent in the month under review down from 12.99 percent in March.

The agency reported further: “On month-on-month basis, the urban index rose by 0.85 percent in April 2018, down by 0.01 from 0.86 percent recorded in March, while the rural index also rose by 0.82 percent in April 2018, recording no change from the figure obtained in March (0.82) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 15.47 percent in April 2018. This is less than 15.87 percent reported in March, while the corresponding rural inflation rate in April 2018 is 14.95 percent compared to 15.34 percent recorded in March.

“The Composite Food Index (CFI) rose by 14.80 percent in April 2018. The rise in the index was caused by increases in prices of Potatoes, yam and other tubers, Fish, Bread and cereals, Oil and fats, Vegetables and Meat”, the Bureau added.

A further analysis of the Composite Food Index on a month-on-month basis, showed that the Food sub-index increased by 0.91 percent in April, up by 0.01 percent points from 0.90 percent recorded in the preceding month..

The Bureau disclosed that the average annual rate of change of the Food sub-index for the twelve-month period ending April over the previous twelve-month average was 18.89 percent, 0.4 percent points from the average annual 19.29 percent rate of change recorded in March.

The agency attributed the  rise in the food index to increases in prices of Potatoes, Potatoes, Yam and Other Tubers, Fish, Bread and cereals, Oil and fats, Vegetables, Coffee, tea and cocoa, Meat, Milk, cheese and eggs.

On the ”All Items less Farm Produce” or Core inflation, which excludes the prices of volatile agricultural produce, the agency disclosed that the inflation declined to 10.9 percent in the month under review, down by 0.3 percent points from the 11.2 percent rate recorded in the preceding month.

The agency also reported that on a month-on-month basis, the Core sub-index increased by 0.87 percent in April, representing an increase of 0.03 percent when compared with 0.84 percent recorded in March.

In addition, it also disclosed that the average 12-month annual rate of change of the index was 12.02 percent for the 12-month period ended April 2018, indicating 0.31 percent points lower than 12.33 percent recorded in March.

The NBS also stated that the highest increases in the month under review were recorded in prices of Fuel and lubricants for personal transport equipment, Vehicle spare parts, Garments and Clothing materials and other articles of clothing and clothing accessories, Hairdressing salons and personal grooming establishment, Paramedical services and Pharmaceutical products.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *