by Bukola Idowu, Lagos
The National Bureau of Statistics(NBS) has released the inflation figure for April 2017.
NBS said the level at which the prices of goods and services dropped to 17.24 per cent from 17.26 per cent in March in line with expectations of analysts.
Inflation had started a downward trend since February this year after rising to a high of 18.72 per cent in January having recorded a consistent increase in 12 months. It had dropped to 17.78 per cent in February and 17.26 in March.
According to the NBS, the Consumer Price Index (CPI) which measures inflation increased by 17.24 percent (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) percent.
The decline 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 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.
It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. Processed foods are included in both the Core and Food sub-indices