Nigeria's Inflation Drops to 12.48% in April - NBS

President Muhammadu Buhari

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation for April, decreased to 12.48 per cent (year-on-year) from 13.38 per cent recorded in March.

The NBS said in its CPI and Inflation Report for April, posted on its Website on Tuesday, that the decrease represented 0.86 per cent and the lowest since February 2016.

The News Agency of Nigeria (NAN) reports that this is the 15th consecutive time that the inflation rate has declined since January 2017.

The bureau said increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The bureau said the rural inflation rate also dropped to 12.13 per cent in April from 12.99 per cent in March.

On month-on-month basis, it said the urban index rose to 0.85 per cent from 0.86 per cent recorded in March.

The NBS said the rural index also remained unchanged from 0.82 per cent from the figure obtained in March.

See What Everyone is Watching

More From: Premium Times

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.