Annual inflation in Nigeria eased for the third straight month in April, slightly down to 17.24 per cent from 17.26 per cent in March, the National Bureau of Statistics said in a report.
A separate food price index, however, showed that the general increase in prices of food items rose to 19.30 per cent from 18.44 per cent in March.
However “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,” the report stated.
Annual inflation fell in March and the month prior to that. The fall in February was the first drop in inflation in 15 months.
According to the National Bureau of Statistics “The Consumer Price Index CPI, which measures inflation increased by 17.24 per cent year-on-year though at a slower pace in April 2017, 0.02 per cent points lower from the rate recorded in March 17.26 per cent. 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, potatoe, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish.
“It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As. Processed Foods are included in both the Core and Food sub-indices; this Implies that these sub-indices are not mutually- exclusive.
“The Urban index rose by 17.62 percent (year-on-year) in April from 18.27 percent recorded in March, and the Rural index increased by 16.69 percent in April from 16.47 percent in March. On month-on-month basis, the urban index rose by 1.61 percent in April from 1.76 percent recorded in March, while the rural index rose by 1.59 percent in April from 1.69 percent in March. The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.79 percent in March to 18.98 percent in April, while the corresponding rural index also increased from 16.05 percent in March to 16.69 percent in April.
“The Composite Food Index rose by 19.30 per cent in April 2017. On a month-on-month basis, the Food subindex increased by 2.04 per cent in April, down by 0.17 per cent points from 2.21 per cent recorded in March. The rise in the index was caused by increases in prices of bread, cereals, meat, fish, potatoes, yams and other tubers, coffee, tea and cocoa, milk cheese and eggs and oils and fats
“The average annual rate of change of the Food sub-index for the twelve-month period ending in April 2017 over the previous twelve-month average was 17.11 percent, 0.51 percent points from the average annual rate of change recorded in March (16.60) percent.
“ The ”All Items Less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 14.80 percent during the month, 0.60 percent points from 15.40 percent recorded in March as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 1.10 percent in April, 0.22 percent points lower from 1.32 percent recorded in March. The highest increases were recorded in Solid Fuel, Liquid Fuel, Clothing materials and other articles of clothing, Lubricants for personal transport equipment, Audiovisual, photographic and information processing equipment, Wines and Spirits. “
