Inflation drops further to 12.48% in April

Annual inflation in Nigeria stood at 12.48 percent in April, its lowest level in more than two years and its 15th straight monthly drop, the National Bureau of Statistics said on Tuesday. The NBS in its report posted on its website said “The Consumer Price Index (CPI) which measures inflation increased by 12.48 per cent (year-on-year) in April 2018, this is 0.86 per cent points less than the rate recorded in March 2018 (13.34) per cent and represents the fifteenth consecutive disinflation since January 2017. Increases were recorded in all COICOP divisions that yield the Headline Index”. 

According to the Bureau “on a month-on-month basis, the Headline index increased by 0.83 per cent in April 2018, down by 0.01 per cent points from the rate recorded in March 2018. 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 per cent, showing 0.40 percent. 

“The Urban inflation rate eased by 12.89 percent (year-on-year) in April 2018 from 13.75 percent recorded in March, while the Rural inflation rate also eased by 12.13 percent in April 2018 from 12.99 percent in March. 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”. 

It further said “the corresponding twelve-month year-on-year average percentage change for the urban index is 15.47 per cent 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 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. 

“On a month-on-month basis, the Food sub-index increased by 0.91 percent in April 2018, up by 0.01 percent points from 0.90 percent recorded in March.  The average annual rate of change of the Food sub-index for the twelve-month period ending April 2018 over the previous twelve-month average was 18.89 percent, 0.4 percent points from the average annual rate of change recorded in March (19.29) percent.  The rise in the food index was caused by 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. 

The ”All Items less Farm Produce” or Core inflation, which excludes the prices of volatile agricultural produce is 10.9 percent in April 2018, down by 0.3 percent points from the rate recorded in March (11.2) percent.  On a month-on-month basis, the Core sub-index increased by 0.87 percent in April 2018, this was up by 0.03 percent when compared with 0.84 percent recorded in March. The average 12-month annual rate of change of the index was 12.02 percent for the twelve-month period ending April 2018; this is 0.31 percent points lower than 12.33 percent recorded in March. The highest increases 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” 

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