The inflation rate in Nigeria has dropped by 0.86 percent for the month of April, 2018, the National Bureau of Statistics, NBS, has reported.
According to the report released by NBS, the Consumer Price Index (CPI) which measured inflation increased by 12.48 percent (year-on-year) in April 2018.
‘This is 0.86 percent points less than the rate recorded in March 2018 (13.34) percent and represents the fifteenth consecutive disinflation since January 2017,” it said
The NBS also said that Increases were recorded in all Classification of Individual Consumption
by Purpose, COICOP, divisions that yielded the Headline Index.
“On a month-on-month basis, the Headline index increased by 0.83 percent in April 2018, down by 0.01 percent points from the rate recorded in March 2018,” it added.
The NBS said 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.
“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 said.
The NBS added that corresponding twelve-month year-on-year average percentage change for the urban index is 15.47 percent in April 2018, saying 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.